CORN
- Dec up 8 @ 5.63
- Corn up today despite USDA’s record high yield projection of 177 bpa
- 16% of corn remains to be harvested in US, rains in key areas may delay progress
- Strong ethanol demand supportive, however production dropped last week
- Brazil corn off to a good start, Argentina expecting rains this weekend
- Still uncertain on situation in China, prices currently up .6% @ 10.83
SOYBEANS
- Nov up 4 @ 12.04
- Soybean oil is leading the soy complex higher
- USDA’s ending stock number has set ignited a rally of 50+ cents
- China’s internal price at 8 month low, concerns for future purchases
- Increased crush activity should be on the way to help in export loss
- Brazil crop off to a good start, with more rain this week
WHEAT
- Dec wheat up 12 @ 7.90, Dec KC up 13 @ 8.06, Dec MNPLS up 18 @ 10.41
- USDA lowering estimate of HRW ending stocks encourages buying
- Concerns still remain that US & global wheat supplies are tight
- Soil moisture in key areas in northwestern Plains will be important to US 2022 crop
- Russia’s wheat exports are down 32% from last year
- Although 91% of winter wheat is planted, the remainder may get delayed by rains
CATTLE
- Dec LC down .60 @ 131.60 & Jan FC down 1.55 @ 158.27
- Cattle drops after US inflation reported to hit a 30-year high
- Feeder cattle pressured by live cattle futures & corn prices on the rise
- Choice cuts down 0.85 (287.8) and select up 2.02 (270.62)
- Cattle slaughter projected at 121K
- CME Feeder Cattle Index for 11/8: up .24 @ 154.86
HOGS
- Feb hogs up .30 @ 79.05 & Feb pork down 1.02 @ 91.00
- The chart gap below in Dec and Feb has been filled but remains open in April
- Packers over bought by 10K head, not aggressive in today’s trade
- Hog slaughter projected at 479K
- CME Lean Hog Index for 11/8: down .06 @ 79.23
Author
Amberlee Bratcher