CORN
- Dec up 3 @ 4.23 & March up 4 @ 4.31
- Weekly export sales of 1.665M mt – Mexico bought 555K mt
- Today’s daily export sale of 302.1K mt of corn – delivery Mexico
- Argentina’s drier areas with be in the south, some rain in the forecast
- First notice day for Dec futures 11/30/2020 – LTD 12/14/2020
- Funds net sellers of 17K contracts & Preliminary O/I -32,600 contracts
- March corn support @ 4.19 & resistance at 4.36
SOYBEANS
- Jan up 7 @ 11.91 & March up 6 @ 11.91
- Weekly export sales of 768.1K mt – marketing year low – China bought 578K mt
- More S. American weather may be the catalyst needed to push futures over 12.00
- Brazil’s Mato Grosso still expected to stay dry/hot for the next 7-10 days
- Funds net sellers of 6K contracts & Preliminary O/I +2,600 contracts
- Jan soybean support @ 11.74 and resistance at 12.00
WHEAT
- Dec CHI up 4 @ 5.92, Dec KC up 14 @ 5.57, Dec MPLS up 5 @ 5.48
- Weekly export sales 795.7K mt – marketing year high – China bought 333 mt
- US HRW wheat areas will remain drier than normal, however, rain is in the forecast
- First notice day for Dec futures 11/30/2020 – LTD 12/14/2020
- USD down currently 91.78 – inching closer to low of 9/1/20 — 91.74
- Funds net sellers of 14K contracts SRW & Preliminary O/I SRW futures -6,800 contracts
CATTLE
- Dec LC down 0.10 @ 111.25 & Jan FC up 0.12 @ 140.30
- Dec LC still holding resistance of 112 & FC trying to push above 140 resistance levels
- Strong beef price trend to support higher cash ahead
- Weekly export sales of 15,500 MT – marketing year low – China bought 2,000 mt
- Friday’s slaughter est. at 114K head
- Asking cash prices around 112 for LC & @ 137.30 as of 11/23 for FC cash index
- O/I: -1,300 contracts for Dec LC & O/I +255 contracts for Jan FC
HOGS
- Dec down 0.50 @ 65.67 & Dec Pork Cutout down 0.35 @ 80.55
- Domestic demand tone firm
- Weekly export sales of 18,000 mt – Mexico bought 9,400 mt
- Hog slaughter estimated at 488K head
- Cash Lean Index @ 67.70 as of 11/23
- O/I: -2,313 contracts for Dec futures
Author
Amberlee Bratcher