CORN
- Dec up 2 @ 4.19 & Mar up 3 @ 4.23
- Rains begin to fall in driest areas of Brazil, including Mato Grosso
- Argentina weather likely to be dry through Wednesday
- Weekly export inspections 734K mt versus last weeks 890K mt
- Funds have liquidated 20K contracts, but still 270,633 long
- Trade guess is world ending stocks decline in Thursday’s report
- March short-term support @ 4.11 and resistance @ 4.20
SOYBEANS
- Jan up 3 @ 11.66 & March up 3 @ 11.69
- Failure to break above 12.00 has caused set back
- Rains in S. America put early pressure on market, but fighting to be positive
- Weekly export inspections 2.297M mt versus 2.036M mt last week
- Market uneasy with no new daily sales to China
- Funds have sold additional 3K contracts, but still long 194, 683 contracts
- Jan short-term support @ 11.38 & resistance at 11.65
WHEAT
- Mar Chi up 1 @ 5.77, Mar KC flat @ 5.42, Mar MNPLS down 1 @ 5.48
- Wheat pressured by Paris milling futures posting losses 8 days in a row
- Weekly export inspections 530K mt versus 502K mt last week
- Funds sold 6K contracts, long 4,397 contracts of Chicago
- Marketing still digesting bearish production numbers from Australia & Canada
- Dry southern US plains have received some much-needed rains
- USD currently at 90.76, up for the day but well below trading averages
CATTLE
- Feb LC down .65 @ 111.72 & Jan FC down .90 @ 138.87
- Outside market pressure related to covid – bleeds into FC mkt
- Covid makes traders defensive regarding Q1 & Q2 demand
- Friday’s slaughter est. at 120K head
- No cash prices for LC & @ 139.18 for 12/3 for FC cash index
- O/I: +1,540 for Feb LC & O/I: -78 for Jan FC
HOGS
- Feb Hogs down 1.25 @ 65.40 & Feb Pork Cutout down .90 @ 75.25
- Exports to China 135.6 mil pounds in Oct. versus 253.3 mil in May
- Flush with cash, Chinese hog producer Muyuan Foods, builds world’s largest pig farm
- Pork cutout values higher Friday
- Hog slaughter estimated at 493K
- Cash lean index @ 66.26 for 12/3
- O/I: -356 contracts for Feb futures
Author
Amberlee Bratcher