CORN
- March up 3 @ 4.97 & Dec up 1 @ 4.41
- China’s corn price reached another all-time high
- Argentina debating whether to lift their corn export ban
- S. American weather remains a concern, Argentina 85% planted
- Argentina’s early planted corn is rated 15% good/excellent
SOYBEANS
- Jan up 17 @ 13.77 & Nov up 13 @ 11.65
- Despite weak exports yesterday, soy complex rebounds today
- Trade expects the USDA to revise higher U.S. soy exports next week
- USDA might reduce both Argentine soy production & US ending stocks
- Weather in S. America more promised in next 10 days for central/south Brazil
- Funds remain invested with net-long of more than 400K contracts
- Daily Sales to China – 204K mt
WHEAT
- March down 2 @ 6.40, KC Mar down 2 @ 5.96, Mar MPNL up 3 @ 6.15
- China’s corn price reached another all-time high
- Paris Milling futures are back up after 2 days of losses
- Argentine wheat now pegged at 17 mmt, 1 mmt lower than USDA’s estimate
- Moderate rains expected for southwestern Plains – but still overall too dry
- Traders & producers start to contemplate planting intentions for 2021
CATTLE
- Feb LC down 0.55 @ 114.45 & Jan GF down 0.60 @ 136.10
- Feed costs & grain prices continue to pressure markets
- Continued rise in Covid & meat demand concerns continue to keep traders at bay
- Today’s slaughter est. at 118K head
- Live trade around 112 for LC & @ 136.13, down 0.43 as of 1/6 for FC cash index
- O/I: -1509 contracts for Feb LC & O/I: -122 contracts for Jan FC
HOGS
- Feb Hogs down 0.32 @ 68.80 & Feb Pork Cutout down 0.02 @ 78.17
- Deferred months stay supported as traders look at long term support for pork demand
- Feed costs on the rise also putting pressure on futures
- Hog slaughter estimated at 489K, Saturday runs expected near 387K head
- Cash lean index @ 62.96, up 0.54 for 1/6
- O/I: -1687 positions for hogs & pork cutout futures -29 positions
Author
Amberlee Bratcher