Happy Thanksgiving from all of us at Total Farm Marketing!
There will not be a Top Farmer Intelligence report on Friday, November 25th.
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 5 @ 6.69
- Corn is trading higher this morning thanks to a big export sales number of 72.8 mb for the 22/23 marketing year, of which most was sent to Mexico
- Export sales for the 23/24 marketing year were 24.7 mb, again mostly headed to Mexico, but shipments were just 18.2 mb, below the weekly average of 47.7 mb
- Ethanol production rose last week to 1.041 million barrels per day despite the drop in crude prices which has supported domestic demand
- The Federal Reserve has indicated that they may increase interest rates by a smaller amount in their next meeting
- Jan soybeans up 4 @ 14.40
- Soybeans are trading slightly higher after a relatively disappointing export sales number compared to corn
- Sales last week were 25.4 mb for the 22/23 marketing year, but shipments were strong at 89.4 mb, well above the weekly average needed of 36.8 mb
- Covid continues to ramp back up in China with 80 cities representing 80% of China’s GDP experiencing high Covid levels which creates demand worries
- The drought in Argentina has put them seriously behind on planting pace, with only 19% planted, down from a 40% average for this time of year
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- Dec wheat up 3 @ 7.95, Dec KC up 4 @ 9.34, & Dec MNPLS up 4 @ 9.62
- Wheat is higher this morning and first notice day next week has shown signs of commercial demand in the hard wheat markets
- Wheat sales for last week were 18.8 mb, and shipments were only 5.1 mb, well below the weekly average of 15.1 mb needed each week
- Ships have begun leaving Ukraine again with the extension of the export deal, but at a slower pace with only 5 ships having left as of last week
- 112 vessels are in the water near Istanbul waiting inspection and are carrying nearly 12 million metric tons of grain and food shipment from Ukraine
- Dec LC down 0.050 @ 153.300 & Jan FC down 0.325 @ 178.950
- Both live and feeder cattle are trading lower after poor export sales and higher corn which is pressuring feeders
- Net beef sales of 12,900 mt for 2022 were primarily for South Korea, China, and Japan, and exports were 17,300 mt
- Cash is now trading at 155 in the South and 245 for Northern dressed, 3 and 4 dollars higher respectively
- Choice cuts down 4.07 and select down 0.85
- Cattle slaughter projected at 120K
- CME Feeder Cattle Index for 11/23: up 0.19 @ 174.83
- Dec hogs up 0.625 @ 84.575 & Dec pork cutout down 0.200 @ 93.000
- Hogs are trading higher this morning after very strong export sales but a decline in cash and a drop in the cutout of 1.94
- Net pork sales of 45,800 mt were primarily to Mexico, Japan, and Canada, and shipments were 33,200 mt
- National Direct Afternoon report fell 0.62
- Hog slaughter projected at 470K
- CME Lean Hog Index for 11/25: down 0.37 @ 86.17