TFM Midday Update 11-2-2021

CORN

Dec down 4 @ 5.75
USDA estimated that 74% of the corn crop is harvested vs 81% last year and 66% average
Corn inspections totaled 24.4 mb, with total inspections now at 214 mb
Ethanol production margins continue to increase
Corn has closed higher for the past 7 sessions
Private estimate from StoneX has the corn yield at 177.7 bushels per acre vs the USDA’s 176.5 bpa

Nov up 2 @ 12.39
USDA estimated that 79% of the soybean crop is harvested vs 86% last year and 81% average
Soybean inspections totaled 83.5 mb, with total inspections now at 399 mb
China has been hesitant to buy US soybeans
Talk that Brazil might have soybeans available for January, at cheaper prices than the US
Private estimate from StoneX has the soybean yield at 51.9 bushels per acre vs the USDA’s 51.5 bpa

Dec wheat down 5 @ 7.92, Dec KC down 9 @ 7.98, Dec MNPLS down 13 @ 10.62
USDA estimated that 87% of the winter wheat crop is planted vs 88% last year and 86% average
USDA estimated that 45% of the winter wheat crop is rated good to excellent, down 1% from last week
Wheat inspections totaled 4.2 mb, with total inspections now wat 355 mb
Minneapolis wheat has closed higher for 15 out of the last 19 days
Paris milling wheat futures reached an all time high today

Dec LC up 0.525 @ 129.375 & Jan FC up 0.725 @ 153.450
Cash is expected to trade higher this week
In the face of pressure from feeder cattle late yesterday, live cattle held well
The selling pressure yesterday in feeders may have been technical in nature
Choice cuts up 1.86 and select up 1.02
Cattle slaughter projected at 121K
CME Feeder Cattle Index for 11/1: up 0.68 @ 156.56

Feb hogs down 0.900 @ 77.90 & Feb pork cutout @ 91.950
December and February have gaps in the charts above current levels, which may be filled at some point
Packers have been able to attain the desired supplies without much difficulty
Despite weakness of cash, hog futures have held generally well
Mexico has increased their hog purchases from the US
National Direct Afternoon report declined 0.67
Hog slaughter projected at 479K
CME Lean Hog Index for 11/2: down 0.73 @ 79.16

Brandon Doherty