TFM Midday Update 12-14-2020

CORN

March down 1 @ 4.23 & Dec down 2 @ 4.10
Weekly export inspections 886.9K mt versus last week’s 734K mt
Argentine grains inspectors & oilseed workers extend wage strike
Argentina still too dry, some areas were disappointed over the weekend
Last trading day for Dec futures – currently @ 4.26
Short-term support @ 4.20 & resistance @ 4.30 – refusing to give up contract high 4.33
Managed money net position: 269,583 long

Jan up 4 @ 11.64 & Nov up 2 @ 10.54
Weekly export inspections 2.368M mt versus last weeks 2.297M mt
Monthly NOPA report is scheduled for release at 11 a.m. CT tomorrow
Malaysian palm oil near 8 year high – lending support to entire soy complex for now
Brazil’s Abiove, revises soy crop estimates to 127 mt from 126.4 mt
Brazil rainfall over weekend greeted from Mato Gross into Goias
Managed money net positions: 185,655 long

Mar CHI down 17 @ 5.97, Dec KC down 16 @ 5.64, Dec MPLS down 11 @ 5.59
Weekly wheat export inspections 261K mt versus last week’s 530.7K mt
Russia plans to impose a wheat export tax of $30 a tonne between Feb 15 & June 30
No winter kill expected over the weekend due to snow cover
US hard red winter wheat production areas will receive a little rain early this week
Southern Russia & Ukraine will receive much needed rain/snow later this week
Last trading day for Dec futures – currently @ 6.15 for CHI & @ 5.79 for KC

Feb LC down 0.45 @ 112.80 & Jan FC up 0.35 @ 140.75
Futures opened positive but dragged down due to boxed beef weakness
Long term market turning supportive on hope that vaccine approvals will aid demand
Today’s slaughter est. at 120K head
No cash price developed for LC & @ 136.66 (down 0.45) as of 12/10 for FC cash index
O/I: +423 contracts for Feb LC & O/I: +833 contracts for Jan FC

Amberlee Bratcher