CORN
- Dec corn -1 @ 4.24 & March -1 @ 4.29
- Weekly export sales of 1.088M mt – up 11% from last week
- Rumors of China interested in buying, but no sales yet
- Rains in S. America pressured prices early but trying to fight back midday
- Lack of moisture in Pampas puts pressure on Argentina corn yield dropping to 44.5 mt
- Preliminary Open Interest saw corn futures up 2,193 contracts
SOYBEANS
- Jan +3 @ 11.79
- Rains in South America pushed prices lower this morning
- Weekly export sales of 1.387M mt – down 6% from last week
- Palm oil prices highest level since 2012 – soybean oil is the cheapest veg oil in the world
- U.S. Soybean Export Council expects 2020 Chinese imports at record 100 MMT
- Preliminary Open Interest saw soybeans up 3,210 contract
WHEAT
- Dec Chi -3 @ 5.94, Dec KC -7 @ 5.50, Dec MNPLS -1 @ 5.49
- Wheat not rebounding from morning losses, weak export numbers
- La Nina continue to keep traders nervous over U.S. winter-wheat
- Wheat plantings rising in Russia & EU
- Weekly export sales 192.4K mt – down 36% from last week – a marketing-year low
- Preliminary Open Interest saw SRW Wheat futures up 764
CATTLE
- Dec LC -1.40 @ 109.25 & Nov FC -.07 @ 136.95
- With virus surge, demand may not hold up for long
- Weekly exports of 46.4K mt, a marketing year high
- Cattle on Feed Report out tomorrow 2 p.m. CT
- Projected slaughter for today est. at 120K head
- Cash prices starting around $110 for LC & 137.37 as of 11/17 for FC cash index
- O/I: -2,243 contracts for Dec LC & O/I: -374 contracts for Nov FC
HOGS
- Dec Hogs -1.95 @ 63.85 & Dec Pork Cutout -1.57 @ 78.50
- Dec holding a premium over Feb futures
- Cash & pork product prices continue to trend lower
- Weekly export sales of 28.9K mt – down 32% from last week
- Hog slaughter 490K estimated today
- Cash lean index @ 69.32 for 11/17
- O/I: -1,592 contracts for Dec
Author
Amberlee Bratcher