The USDA’s October crop report had a significant impact on corn last Friday. The agency raised its corn crop estimate by 234 million bushels and ending stocks by 282 million, to about 1.85 billion. December corn fell more than 20 cents on the day.
Beef also cooled, falling $3.18 to $376.20/cwt, its first decline after two weekly gains. Packers ran 548,000 head the week after the Kansas ICE raids, up from 484,000 during them.
But grain and beef are only two of the inputs. ISM Prices Paid, the biggest piece of the score, is still at 77.9 until the October report arrives, and freight held steady through China’s Golden Week holiday.
See this week’s score and the breakdown on our Input Cost Index page.
