TFM Midday Update 11-17-20

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

Author

Amberlee Bratcher

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