CORN

• Dec corn down 11 @ 5.69
• New Covid variant discovered in South Africa has the markets on edge today
• USDA reported an increase of 56.3 mb of corn export sales
• Strong ethanol margins are still supporting corn
• The Buenos Aires Grain Exchange reported 32% of Argentina’s corn is planted and 81% is rated good to excellent
• January corn on China’s Dalian exchange is around the equivalent of $10.57 per bushel

SOYBEANS

• January soybeans down 25 @ 12.42
• USDA reported an increase of 57.5 mb of soybean export sales
• Soybean meal from Brazil is at a $50 per ton discount to the US
• USDA ERS lowered their estimate of soybean export value by 12%
• US soybean export commitments are down 32% from last year
• The Buenos Aires Grain Exchange reported 39% of Argentina’s soybeans are planted
• January soybeans on China’s Dalian exchange are around the equivalent of $17.80 per bushel

WHEAT

• Dec wheat down 16 @ 8.21, Dec KC down 12 @ 8.61, Dec MNPLS down 5 @ 10.32
• USDA reported an increase of 20.9 mb of wheat export sales
• Mexico bought feed wheat from Eastern Europe
• Australia could receive another bout of rain in the east where there are already concerns over wheat quality
• Wheat export commitments are down 21% from last year
• US Plains should remain mostly dry for the next couple weeks

CATTLE

• Dec cattle up 0.075 @ 137.975 & Jan feeders up 0.650 @ 167.575
• Dec live cattle gapped higher on Wednesday
• Packers are willing to bid up
• Feeder prices are supported by strong beef demand
• Choice cuts up 0.47 and select up 0.80
• Cattle slaughter projected at 117K
• CME Feeder Cattle Index for 11/24: up 0.40 @ 157.83

HOGS

• Dec hogs down 0.050 @ 75.375 & Dec pork cutouts down 0.150 @ 90.000
• Packers may be aggressive in the coming weeks to make certain they can keep up with demand
• Covid variant fears may spill over into livestock
• National Direct Afternoon report increased 0.11
• Hog slaughter projected at 481K
• CME Lean Hog Index for 11/26: down 0.59 @ 72.56

Author

Amberlee Bratcher