CORN
- Dec down 3 @ 5.49
- Total corn inspections down 21% from a year ago
- USDA reported 84% of corn is harvested
- Pre report corn yield estimate at 176.8 bu vs 176.5 in October
- Pre report corn carryout estimate at 1,482 mb vs 1,500 in October
- January corn on China’s Dalian exchange is around $10.75 per bushel
SOYBEANS
- Nov down 3 @ 11.75
- Total soybean inspections are down 31% from a year ago
- USDA reported 87% of soybeans are harvested
- Pre report soybean yield estimate at 51.9 bu vs 51.5 in October
- Pre report soybean carryout estimate at 360 mb vs 320 in October
- Soybean futures are at a 7 month low
WHEAT
- Dec wheat up 4 @ 7.72, Dec KC up 2 @ 7.83, Dec MNPLS up 10 @ 10.19
- USDA reported 91% of winter wheat is planted
- Pre report wheat carryout estimate at 581 mb vs 580 in October
- Winter wheat conditions are unchanged from last week at 45% good to excellent
- Wheat carryout is expected to remain unchanged on today’s WASDE report
- This year Ukraine may export 24.5 mmt of wheat vs 16.6 mmt last year
- Russia’s wheat exports are down 32% from last year
CATTLE
- Dec LC down .025 @ 132.075 & Jan FC down .500 @ 159.800
- Packers do not have many cattle booked ahead – may need to bid up
- Live cattle futures could be considered overbought by some technical metrics
- Choice cuts down 0.89 and select up 1.08
- Cattle slaughter projected at 121K
- CME Feeder Cattle Index for 11/8: down 0.65 @ 154.62
HOGS
- Feb hogs down 0.450 @ 78.925 & Feb pork unchanged @ 92.250
- The chart gap below in Dec and Feb has been filled but remains open in April
- Cash has still not established a bottom
- National Direct Afternoon report declined 0.87
- Hog slaughter projected at 479K
- CME Lean Hog Index for 11/9: up 0.60 @ 79.29
Author
Brandon Doherty