TFM Midday Update 11-15-2021

CORN

  • Dec corn down 1 @ 5.75
  • Light rain, snow, & ice mix moving over northern Plains & upper Midwest
  • Despite minor rains, shouldn’t slow harvest much in US
  • S. America weather still very favorable except S. Brazil – too dry
  • Funds continue to add to their longs due to domestic demand
  • Ethanol prices continue to surge to 7-year high
  • USDA reported private export sale of 198,200 mt to Mexico

SOYBEANS

  • November soybeans up 7 @ 12.48
  • Soybeans up again – could be 5th day in a row closing higher
  • Soybean meal continues to push higher and support soy complex
  • Meal is gaining momentum due to Argentine meal supplies being tight
  • Cash crush margins running from $2-3 per bushel
  • Soybean export sales continue to be disappointing
  • USDA reported private export sale of 264,000 mt to unknown

WHEAT

  • Dec wheat up 4 @ 8.20, Dec KC down 1 @ 8.32, Dec MNPLS down 22 @ 10.27
  • Paris milling futures are down for the morning
  • Wheat continues to stay supported due to continued tightening world supplies
  • Wheat exports in the US are still weak – 22% lower than last year
  • With Russia’s export tax increasing could see some tenders from US
  • Warm & dry weather is still a problem in US southern Plains & Russia
  • All eyes on troops and conflict in Ukraine/Russia this week

CATTLE

  • Dec cattle down 0.12 @ 132.00 & Jan feeders down 0.15 @ 161.62
  • Cash expected to trade higher this week – possibly another $2 higher
  • Strong exports last week weren’t enough to move futures higher
  • Cattle slaughter projected at 116K
  • Choice down 0.82 (284.30) and select up 2.24 (269.53) as of 11/12
  • CME Feeder Cattle Index for Nov 11: down 0.41 @ 155.06

HOGS

  • Dec hogs up 0.07 @ 75.95 & Dec pork cutouts down 0.10 @ 93.70
  • Gap left from Oct 10 bullish from a technical aspect
  • Packers have supplies for now, leaving them less aggressive
  • Cutouts continued struggle Friday with price down 1.09
  • Hog slaughter projected at 477K
  • CME Lean Hog Index for Nov 10: down 0.77 @ 77.85

 

Author

Amberlee Bratcher

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