CORN
- Dec corn up 3 @ 5.74
- Weekly US export inspections 618.4K mt
- Brazil 2021/22 summer corn crop output to reach 25.7M mt
- Wheat market surging higher supports corn today
- US corn now the cheapest feed grain in the world
- Funds reported at 355K contracts long
- S. American weather continues to be favorable
SOYBEANS
- November soybeans up 9 @ 12.60
- Weekly US export inspections 1.684M mt
- China’s Oct soy imports from US slump due to weak demand
- Soymeal & soybean oil are higher supporting soy complex
- Soybean harvest expected to virtually done in the US
- US soybean sales are trailing last year’s total by 32%
- Higher US ending stocks projected with China absent from buying
WHEAT
- Dec wheat up 19 @ 8.42, Dec KC up 25 @ 8.60, Dec MNPLS up 17 @ 10.27
- Weekly US export inspections 177.8K mt
- Chinese wheat appetite pressuring world supply
- Wheat soared higher in overnight trade and not slowing today
- Paris milling wheat futures put in all-time highs
- Russia’s export tax increased to $78.30?mt
- Rains in Australia continue to diminish crop quality
CATTLE
- Dec cattle up .700 @ 134.2 & Jan feeders up .550 @ 161.475
- Futures moving higher in line with cash
- Cash trade expected to be lighter due to holiday
- Cattle on feed came in as expected
- Cattle slaughter projected at 122K
- Choice up 2.25 & select up .67
- CME feeder cattle index for Nov 18: up .19 @ 155.65
HOGS
- Dec hogs up 1.15 @ 74.900 & Dec pork cutouts up .725 @ 91.025
- Spread trading is active as Dec moves closer to the end of the contract
- Slaughter pace will be light this week due to holiday
- Cash weakness continues to limit upside potential
- Hog slaughter projected at 482K
- CME lean hog index for Nov 17: down 1.02 @ 75.26
Author
Amberlee Bratcher