CORN
- Dec corn up 6 @ 4.26 & March up 4 @ 4.31
- Ethanol production for the week avg 962K barrel per day – down 6.87% from last yr
- Daily export sales of 140K mt to delivery unknown destination
- Rumors of China interested in buying, but no sales yet
- Argentina rainfall Mon-Wed this week, will advance from southwest to northeast
- Uncertainty about S. American weather keeps prices supported
- Preliminary Open Interest saw corn futures up roughly 25,700 contracts
SOYBEANS
- Jan up 15 @ 11.85
- U.S. Soybean Export Council expects 2020 Chinese imports at record 100 MMT
- Southern Brazil rains begin Tues-Thursday from Mato Grosso to Parana 1-2” expected
- Soybean oil & palm oil futures hit another new high this morning
- Market is over-bought, however S. American weather & demand lend keep support
- Preliminary Open Interest saw soybeans up 4,400 contracts
WHEAT
- Dec Chi up 4 @ 5.99, Dec KC up 3 @ 5.56, Dec MNPLS flat @ 5.49
- Managed money net position: 32,633 contracts long Chicago wheat
- Southern Russia expected to snow/rain today, hopeful for next yr’s crop conditions
- No “new” bullish news, wheat tends to just run along with corn & soy for now
- Preliminary Open Interest saw SRW Wheat futures up 2,500
CATTLE
- Dec LC down .25 @ 11.07 & Nov FC down .17 @ 137.20
- Surge in beef prices, raises questions of is this demand driven?
- Projected slaughter for today est. at 121K head
- Cash prices starting around $110 for LC & 137.55 as of 11/16 for FC cash index
- O/I: -3,804 contracts for Dec LC & O/I: +793 contracts for Nov FC
HOGS
- Dec Hogs down .32 @ 65.15 & Dec Pork Cutout down .72 @ 79.87
- 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
- Cash lean index & futures spread continues to narrow
- Hog slaughter 491K estimated today
- Cash lean index @ 69.73 for 11/16
- O/I: -3,115 contracts for Dec
Author
Amberlee Bratcher