CORN
- Dec corn up 7 @ 5.78
- US weekly ethanol production expected to be 4-5% higher than last week’s
- Light rains in eastern Corn Belt that will cause only minor harvest delays
- Rains expected to bring relief to southern Brazil
- La Nina still concerning for Argentina & southern Brazil areas
- China still not showing up to buy corn since May
SOYBEANS
- November soybeans up 16 @ 12.61
- Private exporters reported sales of 132K mt to China
- Soybeans took out 50-day moving average
- China buying and technicals have triggered the bulls today
- US harvest should come close to wrapping up this week
- China believed to be buying beans for late winter
- As of February, Brazil beans will be 25 cents cheaper than US
WHEAT
- Dec wheat up 16 @ 8.26, Dec KC up 12 @ 8.33, Dec MNPLS up 6 @ 10.21
- SovEcon sees Ukraine 2022 wheat output falling due to weather
- Canada wheat acreage could climb 6% in 2022 season
- After yesterday’s selloff, wheat back up strong today
- Paris milling futures rebounding today as well
- New contract highs in the US dollar not affecting wheat for now
- Vietnam removed import tariffs from US wheat
CATTLE
- Dec cattle up 0.30 @ 132.02 & Jan feeders down 0.75 @ 162.67
- US cattle on feed placements expected to rise 2-3%
- Futures continue to hold support levels despite weak cash
- Cattle slaughter projected at 122K
- Choice down 1.07 (282.13) and select down 0.69 (266.59)
- CME Feeder Cattle Index for 11/15: unavailable at this time
HOGS
- Dec hogs down 1.25 @ 76.47 & Dec pork cutouts down 1.52 @ 93.45
- Export demand may increase over time if ASF spreads in Europe
- Deferred futures pushing higher in anticipation of higher prices next year
- Hog slaughter projected at 485K
- CME Lean Hog Index for Nov 12: down 0.51 @ 76.17