TFM Midday Update 11-16-20

CORN

Dec corn up 4 @ 4.14 1/2 & March up 3 1/4 @ 4.23
Market seeing some follow through buying from Friday’s technical close
Weekly export shipments at 32.18 mb, within expectations
Of corn exported last week, China received 34% of those bushels
December options expire on Friday could make for a choppy week in trade
COVID vaccine optimism providing strength in equity and energy markets, helping support corn market

Jan up 2 1/2 @ 11.50 1/4 & Mar up 3 @ 11.51
Soybean market trading two-sided, but mostly firmer
Weekly export shipments 82.3 mb, within expectations
Of bushels shipped, China was received for 76% of those shipments
No news for new reported export sales to China or elsewhere in past couple of days
South America weather seeing improved rainfall over the weekend
NOPA crush data for October announced today, expectations for a record 177.1 mb crushed last month

Dec Chi up 3 @ 596 1/4, KC Dec up 3 3/4 @ 555, MW Dec down 1 1/2 @ 553 1/4
Wheat market supported by technical turn on Friday
Weekly export inspections at 11.98 mb, within expectations
Weekly export sales at 11 mb last week, the lowest weekly total since June
U.S. Plains expected to get relief in rain/snow mixture this week
Wheat a follower of other grains and seeing spill over buying

Dec LC up .400 @ 110.300 & Nov FC down .475 @ 137.00
Choppy two-sided trade after Friday’s weakness
Cash trade was $110-111 last week, expectations are for cash trade to be steady to higher this week
Choice carcasses gained $9.00 last week on moderate demand
Feeder cattle pressured by strength in grain markets
Cattle on Feed Report Friday

Dec Hogs Steady @ 64.900, Dec Pork Cutout up .300 @ 80.100
Pork production heavy with the last 4-weeks averaging 586.9 million pounds, The highest 4-week total ever
Chart look technically weak, and holding key support levels this morning
Strong export sales to China this week, but for how much longer is the question
Hog slaughter estimated at 2.4 million head for last week, steady with last week and year
Cash lean index @ 70.84 down .48, premium to Dec supporting the front month

John Heinberg