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 up 3 @ 6.60
- Corn is trading higher with a drop in the US Dollar Index
- Ethanol prices have been pressured by lower crude, and corn demand for ethanol has been a big support for prices lately
- Exports remain an issue as Brazilian corn is 11% cheaper than US corn
- January corn on the Dalian exchange was up 0.6% today at the equivalent of $10.20 a bushel
- Jan soybeans up 1 @ 14.31
- Soybeans are slightly higher along with meal and bean oil despite another sharp drop in crude as the dollar falls
- Crude is back under 80 dollars a barrel at 77.26 in December
- 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
- Private exporters reported sales of 110,000 mt of soybeans for delivery to China during the 22/23 marketing year
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- Dec wheat down 1 @ 7.91, Dec KC up 3 @ 9.28, & Dec MNPLS up 6 @ 9.52
- Wheat has traded either side of unchanged but just made a reversal and is now slightly higher
- Today Russia unleashed their largest attack on Ukraine since the beginning of the war
- Missiles were dropped on major cities in Ukraine and many are without power, water, or heat
- 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
- Dec LC down 0.175 @ 153.625 & Jan FC down 2.100 @ 179.575
- Both live and feeder cattle are lower with feeders taking the brunt of the losses with corn higher
- October Cold Storage showed beef supply up 8% from a year ago which may be putting pressure on live cattle
- The Cattle on Feed report showed very tight cattle supplies which should support prices in deferred months
- Choice cuts up 1.06 and select up 0.95
- Cattle slaughter projected at 124K
- CME Feeder Cattle Index for 11/22: @ 174.64
- Dec hogs up 0.200 @ 84.450 & Dec pork cutout down 0.900 @ 93.700
- Hogs are lower apart from the Dec contract which is higher thanks to higher cash but a cutout that fell by 0.69
- The Cold Storage report was not bullish with frozen pork stocks growing 16% from a year ago and belly stocks up 246% from a year ago
- National Direct Afternoon report rose 3.14
- Hog slaughter projected at 488K
- CME Lean Hog Index for 11/23: down 0.43 @ 86.54