CORN

• Dec corn up 2 @ 4.10 & March up 1 @ 4.19
• Break in S. American weather as moderate rains projected for Argentina
• Covid continues to keep pressure on grains
• Export sales of 978.3K mt – down 63% from last wk – Mexico #1 buyer
• Traders continue to fear potential lockdowns & effects on production
• Informa projects corn acreas for 2021 at 91.7 million

SOYBEANS

• Nov up 8 @ 11.45 & Jan up 6 @ 11.52
• Break in S. American weather as with heavy rains projected for Brazil
• No news for sales to China or elsewhere in past couple of days
• Export sales 1.468M mt – down 4% from last wk – China #1 buyer
• Informa projects soybean acreage for 2021 @ 89.1 million

WHEAT

• Dec Chi up 5 @ 5.93, Dec KC up 6 @ 5.50, Dec MNPLS up 5 @ 5.54
• Rosario Grain Exchange lowers Argentine wheat production to 16.7 mmt vs USDA’s 17.8
• Gulf HRW wheat prices closed the gap with Black Sea region
• Export sales at 300.5K mt – down 50% from last week – Guatemala #1 buyer
• U.S. Plains expected to get relief in rain/snow mixture this weekend/next week
• Informa projects wheat acreage for 2021 @ 46 million

CATTLE

• Dec LC down 1.40 @ 110.57 & Nov FC down .80 @ 139.27
• Futures unsupportive despite firmness in cash & beef values this week
• Exports at 14.3K mt, China #1 buyer
• Projected slaughter for today est. at 119K head
• Cash prices seen around 110-111  for LC & 136.70 as of 11/11 for FC cash index
• O/I: -7,614 contracts for Dec LC & O/I: +434 contracts for Nov FC

HOGS

• Dec Hogs down 1.35 @ 64.42 & Dec Pork Cutout down 1.45 @ 80.17
• Lack of support in cash & pork cutout values pulling on market
• Exports sales of 42.5K mt, China buying 21.1K mt – almost half of total exports
• Strong export sales to China this week, but for how much longer is the question
• Hog slaughter 486K estimated today
• Cash lean index @ 71.32 as of 11/11
• O/I: -4,437 contracts for Dec

Author

Amberlee Bratcher