CORN
- Dec corn up 9 @ 5.81
- USDA reported corn export sales of 40.2 mb
- Market is taking a risk-on position for the second consecutive day – omicron virus concerns seem to be subsiding as early reports are that symptoms are mild
- Ethanol margins are positive and supporting nearby corn futures
- Dec 9th USDA report could show 100 – 200 mb drop in carryout due to higher demand
- OPEC meeting rumors are for increased production in January
SOYBEANS
- January soybeans up 11 @ 12.39
- USDA reported soybean export sales of 39.1 mb
- Brazil soybean prices are still cheaper than the US
- Dec 9th USDA report could show a higher carryout due to lower US exports and lower China imports
- NASS reported 196.9 mb of soybeans crushed in Oct – highest monthly crush on record
- Brazil is looking for a record early harvest
WHEAT
- Dec wheat up 23 @ 8.01, Dec KC up 17 @ 8.31, Dec MNPLS up 18 @ 10.55
- USDA reported wheat export sales of 2.9 mb
- World markets are concerned that Europe is shipping too much wheat
- Paris milling wheat futures are rebounding
- Australian weather forecast is turning drier, but there are still concerns over quality due to recent wet conditions
- US southern plains have a dry forecast for the next couple weeks
CATTLE
- Dec cattle up 0.825 @ 136.825 & Jan FC down 0.475 @ 165.350
- Anticipation of higher cash helped cattle recover some of their losses
- Still concern over the weakness of boxed beef
- Choice cuts down 1.46 and select down 2.32
- Cattle slaughter projected at 121K
- CME Feeder Cattle Index for 12/1: down 0.86 @ 161.60
HOGS
- Dec hogs down 0.375 @ 73.250 & Dec pork cutouts down 1.650 @ 86.250
- Hogs have seen higher cash trade the past couple days
- Packers may be purchasing more aggressively due to the holiday season
- National Direct Afternoon report increased 1.35
- Hog slaughter projected at 482K
- CME Lean Hog Index for 12/2: up 0.23 @ 70.27