TFM Midday Update 11-27-2020

CORN

  • Dec up 3 @ 4.23 & March up 4 @ 4.31
  • Weekly export sales of 1.665M mt – Mexico bought 555K mt
  • Today’s daily export sale of 302.1K mt of corn – delivery Mexico
  • Argentina’s drier areas with be in the south, some rain in the forecast
  • First notice day for Dec futures 11/30/2020 – LTD 12/14/2020
  • Funds net sellers of 17K contracts & Preliminary O/I -32,600 contracts
  • March corn support @ 4.19 & resistance at 4.36

SOYBEANS

  • Jan up 7 @ 11.91 & March up 6 @ 11.91
  • Weekly export sales of 768.1K mt – marketing year low – China bought 578K mt
  • More S. American weather may be the catalyst needed to push futures over 12.00
  • Brazil’s Mato Grosso still expected to stay dry/hot for the next 7-10 days
  • Funds net sellers of 6K contracts & Preliminary O/I +2,600 contracts
  • Jan soybean support @ 11.74 and resistance at 12.00

WHEAT

  • Dec CHI up 4 @ 5.92, Dec KC up 14 @ 5.57, Dec MPLS up 5 @ 5.48
  • Weekly export sales 795.7K mt – marketing year high – China bought 333 mt
  • US HRW wheat areas will remain drier than normal, however, rain is in the forecast
  • First notice day for Dec futures 11/30/2020 – LTD 12/14/2020
  • USD down currently 91.78 – inching closer to low of 9/1/20 — 91.74
  • Funds net sellers of 14K contracts SRW & Preliminary O/I SRW futures -6,800 contracts

CATTLE

  • Dec LC down 0.10 @ 111.25 & Jan FC up 0.12 @ 140.30
  • Dec LC still holding resistance of 112 & FC trying to push above 140 resistance levels
  • Strong beef price trend to support higher cash ahead
  • Weekly export sales of 15,500 MT – marketing year low – China bought 2,000 mt
  • Friday’s slaughter est. at 114K head
  • Asking cash prices around 112 for LC & @ 137.30 as of 11/23 for FC cash index
  • O/I: -1,300 contracts for Dec LC & O/I +255 contracts for Jan FC

HOGS

  • Dec down 0.50 @ 65.67 & Dec Pork Cutout down 0.35 @ 80.55
  • Domestic demand tone firm
  • Weekly export sales of 18,000 mt – Mexico bought 9,400 mt
  • Hog slaughter estimated at 488K head
  • Cash Lean Index @ 67.70 as of 11/23
  • O/I: -2,313 contracts for Dec futures

Author

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Amberlee Bratcher

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