Provided by Stewart-Peterson Inc.
CORN
- Dec corn up 4 @ 6.57
- CPI data yesterday was still high but lower than expected
- US corn export commitments are running 54% behind a year ago
- Europe’s corn crop could be down by 20 mmt – their imports to date are up 7 mmt from last year
- Next week, Mississippi River water levels may get temporary help from tropical storm Nicole
- Early conditions are mostly favorable in Brazil right now but may be drier next week
- Ukraine corn is said to be 39% harvested (30% slower than last year)
SOYBEANS
- Jan soybeans up 31 @ 14.54
- In Brazil, there are protests on their recent presidential election
- Argentina’s government could announce another soy peso deal which halted farmer selling (they may wait for a more favorable exchange rate)
- China still may need to purchase 2-4 mmt of soybeans for January
- November soybean futures expire on Monday
- According to the Wall Street Journal, China may begin to ease the Zero-Covid policy restrictions to benefit their economy
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WHEAT
- Dec wheat up 10 @ 8.13, Dec KC up 12 @ 9.37, & Dec MNPLS up 12 @ 9.44
- US Dollar Index is sharply lower again today
- There is a meeting in Geneva today between Russia and Ukraine to discuss an extension of the Black Sea export corridor
- Putin will not attend the G20 meeting but could make an announcement regarding the export deal at that time
- The Rosario Grain Exchange lowered their projection of Argentina’s wheat crop to 11.8 mmt (vs the USDA’s 15.5 mmt)
- Subfreezing temperatures in the western Plains may harm winter wheat crops without snow cover
CATTLE
- Dec LC down 0.575 @ 152.500 & Nov FC down 1.475 @ 177.150
- Lower corn futures helped feeder cattle rally yesterday
- Anticipation for stronger cash has not happened this week with steady trade in the north and south
- Strong international demand indicated by positive weekly export sales
- Choice cuts down 1.40 and select up 1.61
- Cattle slaughter projected at 118K
- CME Feeder Cattle Index for 11/10: down 0.79 @ 175.51
HOGS
- Dec hogs down 0.775 @ 84.100 & Dec pork cutout down 0.850 @ 94.650
- Poor weekly export sales were unsupportive but China has been purchasing pork on a weekly basis
- Hogs are being pulled forward with decreasing weights (down 6.6 pounds from last year)
- Higher cutouts were offset by lower cash
- National Direct Afternoon report declined 2.47
- Hog slaughter projected at 449K
- CME Lean Hog Index for 11/11: down 0.50 @ 88.96