CORN
- Dec corn up 3 @ 5.72
- Export sales of 1.067 MT
- China corn prices rise as bad weather delays crop shipments
- Snow/ice/rain will fall in upper Midwest & northern plains today
- Corn exports down 7% from this time last year
- China still absent from the US market since spring
- South American weather beneficial – Argentina 29% planted
- Ethanol producers still offering positive basis trying to buy bushels
SOYBEANS
- November soybeans up 13 @ 12.38
- Export sales of 1.289 MT
- Conab reports Brazil crop increased to a record 142.01 M tons
- NOPA October crush projected to be 181.945M bushels
- Support from soybean meal, but pressure from bean oil
- Exports are down 33% from this time last year
- China’s slow buying & effects from Ida to blame for weaker exports
- USDA says 256,930 tons of soybeans sold to unknown destination in 2021-22
WHEAT
- Dec wheat up 7 @ 8.19, July KC up 8 @ 8.36, July MNPLS down 3 @ 10.49
- Export sales of 285.9 MT
- Argentine wheat harvest facing delays due to rains
- Wheat prices have soared this week, MNPLS wheat takes a breather
- Funds continue to add to their longs in KC & MNPLS wheat
- US dollar at a 16 month high has had little to no effect on wheat prices
- Dryness in US Plains & Black Sea regions continue to be of concern
CATTLE
- Dec cattle down .32 @ 139.62 & Jan feeders down 1.65 @ 157.42
- JBS says labors woes limits production increases
- Cash traded higher for the week, should lend support to futures
- Export sales of 20,600 MT – up 23% from last week
- Cattle slaughter projected at 116K
- Choice down .38 (285.14) and select up .67 (267.29)
- CME feeder cattle index for Nov 10: up .49 @ 155.47
HOGS
- Dec hogs up .20 2 72.57 & Dec pork cutouts down .15 @ 93.30
- Futures seem to be holding support despite the lack of buyers
- High weights are increasing, indicating hogs may be backed up
- Export sales of 23,300 MT – down 49% from last week
- Hog slaughter projected at 477K
- CME lean hog index for Nov 9: down .51 @ 78.72