Happy Thanksgiving from all of us at Total Farm Marketing!
Thursday, November 25: The CME and Total Farm Marketing offices are closed.
Friday, November 26: The CME closes at noon, and Total Farm Marketing offices close at 1:00.
CORN
- Dec corn down 1 @ 5.80
- Corn rallied this morning but quickly sold off
- March corn appears to be close to breaking out to the topside
- Fears of interest rates and higher inflation keep traders cautious
- Domestic demand for corn still very strong for a feed grain and ethanol production
- US harvest should wrap up this week
- Brazil’s crop 91% planted
SOYBEANS
- November soybeans down 1 @ 12.52
- Soybean exports still remain very weak despite today’s sale
- Believe Brazil will over soybeans in Jan at a 70 cent discount to US
- South American weather remains friendly except for S. Brazil
- Soybean market finding support from domestic processor demand from strong crush numbers
- Biofuel mandates are likely to be released any day now
WHEAT
- Dec wheat down 15 @ 8.41, Dec KC down 7 @ 8.71, Dec MNPLS down 5 @ 10.32
- Wheat higher in overnight but seeing a minor selloff midday
- Still concerns in Australia due to rains diminishing quality of crop
- US drought continues to be an issue and expected to expand
- Russia’s wheat prices continue to rise along with their export tax
- Dryness in Ukraine worth monitoring
- US Dollar rising to new highs today
CATTLE
- Dec cattle up 1.02 @ 136.425 & Jan feeders up 1.00 @ 165.52
- Market up as cash traded $2 higher this week than last
- Very little cattle forward contracted – packers willing to pay more
- Cattle slaughter projected at 121K
- Choice down 0.61 and select down 1.06
- CME feeder cattle index for Nov 22: up 1.14 @ 157.43
HOGS
- Dec hogs up .650 @ 74.800 & Dec pork cutouts up .150 @ 90.000
- Hogs finally seeing higher cash prices
- Heavy supply of hogs continue to leave packers unaggressive in bids
- Still believed long term supplies could tighten
- Hog slaughter projected at 470K
- CME lean hog index for Nov 19: up 0.58 @ 72.88