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