CORN
- Dec corn up 4 @ 4.20 1/4 & March up 2 ¾ @ 4.27
- More export demand to tighten ending stocks outlook
- Daily export sales of 195K mt – delivery Mexico
- Managed money net position: 280,835 contracts long
- Preliminary Open Interest saw corn futures down roughly 11,300 contracts
- Corn exports are up 68% ahead of last year
- Argentina rainfall next week will advance from southwest to northeast
SOYBEANS
- Jan up 19 ¾ @ 11.73 1/4
- Drier than normal S. America trend and strong exports
- Managed money net position: 211,094 contracts long
- Preliminary Open Interest saw soybeans up 800 contracts
- Soybean exports are up 78% from last year
- S. Brazil will face 2 very important rain events this week
WHEAT
- Dec Chi down 2 @ 5.96, Dec KC down 5 @ 5.52, Dec MNPLS down 6 @ 5.60
- Managed money net position: 32,633 contracts long Chicago wheat
- Preliminary Open Interest saw SRW Wheat futures down roughly 2,200 contracts
- Wheat exports running 1% ahead of last year
- U.S. hard winter wheat will be drier again most of next week
CATTLE
- Feb LC up .45 @ 112.47 & Nov FC up .22 @ 137.50
- Good demand 2021 but short-term questionable due to Covid
- Projected slaughter for today est. at 121K head
- Cash prices not developed for LC & 137.68 as of 11/13 for FC cash index
- O/I: -2,889 contracts for Dec LC & O/I: -156 contracts for Nov FC
HOGS
- Dec Hogs up .55 @ 65.70 & Dec Pork Cutout up .50 @ 65.65
- Less demands expected in 2021 due to China’s pull-back
- Technicals look weak, could see a further pull-back need to hold 65.00
- Hog slaughter 289K estimated today
- Cash lean index @ 70.08 as of 11/13
- O/I: -2,633 contracts for Dec