CORN
- Dec down 1 @ 5.51
- Weekly Inspection report inspected 22.2 mb
- Private exporters reported sale of 150mt of corn – delivery Columbia
- Favorable conditions in South America holding the market’s attention
- Crop progress expected to be near complete in Western belt
- Ending stocks expected to drop but production likely to increase
SOYBEANS
- Nov down 7 @ 11.84
- Weekly Inspection report inspected 97.3 mb of soybeans
- Inspections up from last week fueled by shipments to China
- Soybeans currently at lowest price in seven months
- USDA’s report expected to increase crop numbers, but lower export
- China’s soybean demand remains a bearish concern
WHEAT
- Dec wheat up 2 @ 7.68, Dec KC up 4 @ 7.83, Dec MNPLS up 2 @ 10.12
- Weekly Inspection report inspected 8.5 mb of wheat
- Despite some showers, Black Sea region remains unfavorably dry
- Concerns of low US wheat supplies & drought in SW Plains
- No significant changes expected in tomorrow’s report
- The USD down today, lending support to futures
CATTLE
- Dec LC up .45 @ 132.25 & Jan FC up .52 @ 160.12
- Cash trade $4-5 higher last Friday
- Friday’s activity should give packers confidence to ask for more
- Boxed beef lower Friday – choice down .68 @ select down .70
- Cattle slaughter projected at 120K
- CME Feeder Cattle Index for 11/5: up down .54, 155.27
HOGS
- Feb hogs down 0.30 @ 79.17 & Feb pork unchanged at 92.57
- Cutouts are fluctuating wildly, potential bottom forming
- Hog numbers may be tightening with supply not as abundant
- Cash up on Friday, up .08 but cutout values were down 1.34
- Hog slaughter projected at 478K
- CME Lean Hog Index for 11/5: down 0.38 @ 78.32
Author
Amberlee Bratcher