CORN
- Dec corn down 4 @ 5.72
- US corn harvest almost complete at 91% (rains slow progress in OH/MI)
- Managed money funds expected to be 311K contracts long
- US inspected 855.7K tons of corn
- Private exporters report sale of 270K mt for delivery to Mexico
- Rumors swirl of China buying a half million mmt of corn from Ukraine last week
- SovEcon raises Ukraine crop to record large 39.9mmt
SOYBEANS
- November soybeans down 1 @ 12.48
- US soybean harvest almost complete at 92%
- Soybean exports still running 33% behind last year
- NOPA October crush rises to 183.9 mb – 3rd highest on record
- $11.80-$12.40 is the trade range for January futures
- Managed money funds expected to be 12K contracts long
- US inspected 2.074M tons of soybeans
- Private exporters report sales of 161K mt for delivery to unknown
WHEAT
- Dec wheat down 9 @ 8.17, Dec KC down 14 @ 8.22, Dec MNPLS down 16 @ 10.10
- Wheat down, with MNPLS paving way, down over 50 cents in 3 days
- Paris milling futures weaker for 2nd day in a row
- Winter wheat almost completely planted at 94% & rated 46% G/E
- Managed money funds expected to be 3K contracts long Chi & 57K for KC
- US inspected 388.7K tons of wheat
- Australia facing unusual rains during harvest
- Russian wheat prices continue to move higher each week
CATTLE
- Dec cattle up 0.22 @ 132.00 & Jan feeders up 0.52 @ 159.00
- Managed money funds expected to 49K contracts long
- Cattle futures hold uptrend but struggle to move significantly higher
- Higher cash anticipated but has yet to be seen this week
- Cattle slaughter projected at 121K
- Choice down 1.10 (283.20) and select down 2.25 (267.28) as of 11/15
- CME Feeder Cattle Index for Nov 12: up 0.37 @ 155.43
HOGS
- Dec hogs up 1.80 @ 77.60 & Dec pork cutouts up 1.42 @ 95.12
- Managed money funds expected to 45K contracts long
- Hogs continue to show support despite lower cash & cutouts
- Holidays will cause hog supplies to get backed up as processing speeds will slow
- Hog slaughter projected at 485K
- CME Lean Hog Index for Nov 11: down 1.27 @ 76.68
Author
Amberlee Bratcher