Happy Thanksgiving from all of us at Total Farm Marketing!
Thursday, November 25: The CME and Total Farm Marketing offices are closed.
Friday, November 26: The CME closes at noon, and Total Farm Marketing offices close at 1:00.
CORN
- Dec corn up 1 @ 5.78
- US corn harvest 95% completed
- Corn pressured today on news that US government will release oil from reserves
- US corn still the cheapest feed grain
- Ukraine announced an increase in production to 42.9 mmt
- Rumors still swirl of China buying corn from Ukraine
- Domestic demand stays strong with cattle on feed numbers high
SOYBEANS
- November soybeans down 5 @ 12.50
- US soybean harvest 95% completed
- Brazil soybean planting 86% according to Agrural
- Soybeans pressured by fall in veg oil markets today
- Soybean sales are still down 32% from a year ago
- October soy imports from the US by China down 77% from a yr ago
- Brazil soybeans available as early as December are a discount to US
- South American weather favorable with La Nina threatening Brazil
WHEAT
- Dec wheat down 2 @ 8.44, Dec KC up 5 @ 8.67, Dec MNPLS up 6 @ 8.68
- US winter wheat rated 44% G/E – down 2% from last week
- US winter wheat 96% planted
- Egypt claims to have sufficient wheat reserves for 5 months
- Australia rains persist slowing harvest and diminishing quality of crop
- Russian exports decline further as export taxes continue to rise
- Paris milling futures down today
- US southwest & southern plains remain dry with expanding drought likely
CATTLE
- Dec cattle up 0.325 @ 134.75 & Jan feeders up 1.55 @ 163.25
- China will accept Brazil beef certified before Sept. 4
- Markets up as higher cash is anticipated
- Demand is solid & packer need to maintain slaughter schedules
- Cattle slaughter projected at 122K
- Choice up .84 (279.25) and select down .10 (263.73)
- CME feeder cattle index for Nov 19: up .64 @ 156.29
HOGS
- Dec hogs down 0.400 @ 74.200 & Dec pork cutouts down 0.950 @ 90.650
- US Oct. pork supplies in cold storage dropped to 440M lbs
- Lower cash & cutouts are pressuring futures
- Market ready hogs are abundant, leaving packers easily able to purchase
- Hog slaughter projected at 484K
- CME lean hog index for Nov 18: down 1.80 @ 73.46
Author
Amberlee Bratcher