Happy Thanksgiving from all of us at Total Farm Marketing!
Thursday, November 24, 2022: The CME and Total Farm Marketing offices are closed.
Friday, November 25, 2022: The CME closes at noon, and the Total Farm Marketing office closes at 1:00.
Provided by Stewart-Peterson Inc.
- Dec corn down 1 @ 6.59
- Corn is trading modestly higher on an otherwise quiet day ahead of the Thanksgiving holiday without much news for the market to react to
- Monday’s USDA report of corn processing value in Iowa fell 95 cents last week to 8.85 a bushel due to a drop in ethanol prices
- Yesterday’s export inspections weren’t bad, but barge traffic through the Mississippi has favored soybeans, and total inspections were 19.5 mb last week
- US corn exports to China have been quiet as Brazil has been their main supplier with prices 11% cheaper than the US
- Jan soybeans down 1 @ 14.36
- Soybeans were trading about 4 cents higher earlier in the day, but reversed and are now slightly lower along with meal, but bean oil remains higher being supported by crude
- Along with higher crude oil, Feb palm oil gained 3.9% earlier today, which has been a strong source of support for bean oil
- Low sulfur distillate stocks are down 14% from the previous year, and more bean oil will be needed to stretch diesel supplies, which should keep crush incentives strong
- Yesterday’s export inspections report was encouraging with 85.6 mb of beans inspected for export, leaving nearly every US port possible with most beans destined for China
Like what you’re reading?
Sign up for our other free daily TFM Market Updates and stay in the know!
- Dec wheat down 4 @ 7.96, Dec KC down 3 @ 9.31, & Dec MNPLS down 1 @ 9.47
- Wheat is lower today as warmer temperatures prevail across the southern US with highs in the 50’s and 60’s from Kansas and Texas to the Atlantic coast
- The USDA has reported that 32% of the winter wheat crop has been rated good-to-excellent, the lowest in 20 years, and 87% of the crop emerged
- With the US dollar trading near the highest levels in 20 years, export business remains sluggish with a small amount of wheat inspected for export last week
- Russia continues to attack Ukraine near their nuclear power plant and many Ukrainians have been left without heat or power as winter arrives
- Dec LC up 0.075 @ 153.625 & Jan FC down 0.675 @ 181.950
- Live cattle are trading either side of unchanged while feeders are mostly lower with a modest increase in corn
- Cash business has not been established yet, but higher boxed beef is supportive
- Friday’s Cattle on Feed report is long term bullish and points to tight cattle supplies down the road, which should support prices in deferred contracts
- Choice cuts up 0.51 and select up 0.79
- Cattle slaughter projected at 129K
- CME Feeder Cattle Index for 11/21: down 0.72 @ 174.64
- Dec hogs up 0.650 @ 84.450 & Dec pork cutout up 0.425 @ 94.775
- Hogs are trading higher this morning with a gain in cash and a drop in the cutout of 1.45
- Packers have been buying hogs earlier in the week to make up for the shortened holiday schedule
- Hog slaughter has increased and is pulling hogs forward and keeping weights low, which should lead to tighter supplies
- National Direct Afternoon report rose 0.35
- Hog slaughter projected at 491K
- CME Lean Hog Index for 11/22: down 0.80 @ 86.97