CORN
- Dec +1 @ 4.23 & March +1 @ 4.29
- Corn still showing strong resistance at 4.35 ¾
- Daily export sales of 158.2K mt of corn – to Mexico & 131K mt to unknown
- Weather supportive of harvest wrapping up
- Argentina dry again yesterday, and need for significant rain soon
- Preliminary Open Interest saw corn futures up 412 contracts
SOYBEANS
- Jan +5 @ 11.83
- Surge to new contracts highs with overbought technicals
- Soybeans appear to be headed toward $12, 12th day higher close out of the last 14
- Brazil still expected to receive critical rainfall late next week
- Soybeans lead the way as new money came in as longs due to tightening balance sheets
- Preliminary Open Interest saw soybeans up 4,723 contracts
WHEAT
- Dec Chi +3 @ 5.95, Dec KC +2 @ 5.51, Dec MNPLS -1 @ 5.46
- US HRW wheat areas will get some very important moisture this weekend
- Plentiful wheat stocks versus weather concerns continue to keep market choppy
- Drought monitor expanding in Oklahoma & Eastern Kansas
- Concerns still remain for Russia – alternatively Australia better than expected yields
- Preliminary Open Interest saw SRW Wheat futures up 2,370 contracts
CATTLE
- Dec LC -.85 @ 107.40 & Jan FC -.62 @ 135.95
- Traders positioning ahead of Cattle on Feed report, out today at 2 p.m. CT
- Concern report will show larger cattle placement numbers than last month
- Current feed prices continue to be a major obstacle for feeders
- Projected slaughter for today est. at 117K head
- Cash prices asking around $110 for LC & 137.51 as of 11/18 for FC cash index
- O/I: -2,243 contracts for Dec LC & O/I: +366 contracts for Nov FC
HOGS
- Dec Hogs +.90 @ 64.60 & Dec Pork Cutout +1.32 @ 79.57
- Yesterday’s market move lower could push prices lower headed into the holiday
- Huge seasonal production needs to be absorbed
- Long-term concern about losing export demand keep thumb on futures
- Hog slaughter 485K estimated today
- Cash lean index @ 68.77 for 11/18
- O/I: -826 contracts for Dec
Author
Amberlee Bratcher