CORN
- Dec corn down 15 @ 5.66
- Corn inspections totaled 30.2 mb
- Fed Chairman Powell commented that Covid / the new variant could slow economic activity and increase inflation
- CFTC report showed the managed funds increased new long positions (especially in corn)
- Domestic corn basis is strong, which should help support the market
SOYBEANS
- January soybeans down 16 @ 12.26
- Soybean inspections totaled 78.7 mb
- Some dryness is starting to show in Argentina and Southern Brazil
- Brazil still looking at a record harvest
- Possible drop in oil demand due to the new Omicron virus strain
- 90% of Brazil soybeans reported to be planted
WHEAT
- Dec wheat down 24 @ 7.84, Dec KC down 22 @ 8.32, Dec MNPLS up 8 @ 10.50
- Wheat inspections totaled 9.2 mb
- Egypt bought 600,000 mt of wheat from Russia, Romania, and Ukraine
- Wheat had a strong bearish reaction to the news of the Omicron virus variant and is struggling again today
- USDA reported 44% of the winter wheat crop is rated good to excellent (2nd lowest since 2010)
- US southern plains expected to remain dry for the next 2 weeks
CATTLE
- Dec cattle down 0.775 @ 136.150 & Jan FC down 0.450 @ 165.275
- The market is likely seeing profit taking due to economic concerns over the Omicron virus strain
- Packers may need to be more aggressive this week and have limited bargaining power
- Choice cuts down 2.43 and select down 0.23
- Cattle slaughter projected at 123K
- CME Feeder Cattle Index for 11/29: up 3.81 @ 161.29
HOGS
- Dec hogs up 0.300 @ 72.700 & Dec pork cutouts down 0.050 @ 87.350
- Packers don’t need to bid up as supplies are sufficient
- COT report showed funds increased their net long positions
- National Direct Afternoon report increased 0.02
- Hog slaughter projected at 484K
- CME Lean Hog Index for 11/30: down 1.03 @ 70.60