CORN
- Dec corn up 1 @ 5.74
- Corn pressured by outside markets – crude slides lower
- Rising Covid in EU has threatened to halt economic recovery
- EPA has delayed the release of biofuel mandates pressures futures
- US corn exports remain 6% lower than a year ago
- Domestic demand is what currently drives corn futures
- US weather friendly, harvest should be wrapping up
- La Nina induced heat and dryness still major concern for South America
SOYBEANS
- November soybeans up 2 @ 12.51
- Soybean oil down due to drop in crude keeping prices limited today
- Threat made by both US & China to release crude oil reserve weaken soy complex
- Exports are still 32% lower than this time last year
- Planting ahead of schedule in Brazil & beneficial rains
- New-crop Brazil beans likely available in January
- Soy processors crush margins are near historic highs
- US harvest should be wrapping up this week
WHEAT
- Dec wheat up 6 @ 8.26, Dec KC up up 9 @ 8.36, Dec MNPLS up 1 @ 10.18
- Wheat rebounds after putting in contract highs yesterday but closed in the red
- US dollar Index is up again, trade expect US interest rates will increase
- Drought continues to expand in US southwestern Plains
- In eastern Midwest, there is doubt that all SRW acres will get planted to due to rains
- Some concern that rains may damper Australia’s quality of crops
- Ukraine has harvested 93% of crop – 76.7 mmt collected
- Despite higher export taxes, Russian wheat still the most popular for export
CATTLE
- Dec cattle flat @ 131.15 & Jan feeders down .225 @ 161.15
- Cash traded higher yesterday, fueling live cattle futures higher
- Cattle on Feed looming this afternoon has market quiet for the day
- Cattle slaughter projected at 119K
- Choice down 2.31 (276.16) and select down .90 (263.16)
- CME feeder cattle index for 11/17: down .02 @ 155.46
HOGS
- Dec hogs down .600 @ 74.500 & Dec pork cutouts down .900 @ 91.000
- Deferred hogs are holding well & in an uptrend
- Exports were good despite China being absent
- Cash weakness continues to limit upside potential
- Hog slaughter projected at 479K
- CME lean hog index for Nov 16: down .05 @ 76.28
Author
Amberlee Bratcher