CORN
- March down 3 @ 4.80 & Dec down 2 @ 4.32
- Funds net buyers 10K contracts – O/I +14,200 contracts
- For the month of December corn was up 58 cents
- Argentina will remain one of concern for central & eastern crop areas
- Argentine strikes continue, negotiations are hopeful to resolve today
- USDA grain export inspections 912.8K mt versus 993.7K mt last week
SOYBEANS
- Jan up 1 @ 13.15, March up 2 @ 13.12, Nov up 6 @ 11.18
- Funds net buyers 2K contracts – O/I -1,700 contracts
- For the month of December soybeans up 1.38
- Brazil should remain favorable for its reproducing & filling soybeans crops
- Mar soybeans tried to break through 13.50 resistance but faltered this a.m.
- USDA grain export inspections 1.305M mt versus 1.447M mt last week
WHEAT
- Mar down 5 @ 6.35, Mar KC down 6 @ 5.97, Mar MPLS down 3 @ 6.04
- Funds net even contracts of SRW wheat – O/I +590 contracts
- For the month of December wheat prices up 51 cents & HRW up 53 cents
- European wheat ended the year near at a two-year high – bolstered by China buying
- USD continues to fall to 2018 prices – currently 89.75
- Waves of rain & snow will finally reach southern Russia by Thursday
- USDA grain export inspections 324.9K mt versus 303.8K mt last week
CATTLE
- Feb LC down 2.40 @ 112.62 & Jan FC down 2.67 @ 136.27
- Despite surge in pork values, cattle falters on grain rally
- Tighter supplies continue to add uncertainty to the market
- Today’s slaughter est. at 115K head
- Cattle prices remain quiet for LC & @ 138.77 up .06 for 12/30 for FC cash index
- O/I: -1,111 contracts for Feb LC & O/I: +502 contracts for Jan FC
HOGS
- February Hogs up 0.80 @ 71.07 & Feb Pork Cutout up 1.17 @ 79.30
- Upside break-out impressive and pork surge is supportive
- Potential for additional domestic & export pork demand 1st quarter boosting futures
- Hog slaughter estimated at 488K
- Cash lean index @ 60.07 up .21 for 12/30
- O/I: +1647 positions for hogs & pork cutout futures +95 positions
Author
Amberlee Bratcher