CORN

• Dec up 1 @ 4.20 & March flat @ 4.25
• Managed money net position: 287,599 long
• Argentina’s rainfall totals continue to disappoint
• Will need follow-through selling to confirm any key reversal
• 2 major unions in Argentina’s agro-export industry go on strike today over wages
• Funds net sellers of 27K contracts
• March corn $4.20 support level – key to watch

SOYBEANS

• Jan up 1 @ 11.69 & March up 1 @ 11.70
• Managed money net position: 203,810 long
• Need to see shift to wetter pattern for S. America for big break to the downside
• Funds continue to pull positions despite CBOT prices on the rise
• USDA Oct soybean crush seen at 196.6 mb – record high
• Funds net sellers of 17K contracts
• Jan soybeans $11.50 support level – key to watch

WHEAT

• Dec Chi down 5 @ 5.75, Dec KC up 1 @ 5.46, Dec MNPLS down 16 @ 5.34
• South winter wheat rating improve to 46% good/excellent, +3% from last wk
• With some projection concerns waning, recording ending stocks taking the stage
• Australia raised their projection to 31.17 mmt from 28.9 mmt for current crop
• USDA shows improved in drought-hit states in S. plains for HRW wheat
• Managed money net position: 15.2K long Chi, 48.4K long KC
• Funds net sellers of 13K contracts SRW

CATTLE

• Dec LC up .52 @ 110.70 & Jan FC up 1.27 @ 142.27
• Choppy trade; hefty supply & stronger than expected demand
• Renewed buying in FC has sparked buying in all cattle futures
• Friday’s slaughter est. at 121K head
• Cash prices around 112-113 LC & @ 138.90 as of 11/29 for FC cash index
• O/I: -842 contracts for Dec LC & O/I: 233 contracts for Jan FC

HOGS

• Dec down .37 @ 67.20 & Dec Pork Cutout down -.02 @ 82.22
• Bullish technical action; may see more China buying
• Need to see cash & pork cutout market support
• Hog slaughter estimated at 302K
• Cash lean index @ 66.81 as of 11/27
• O/I: -1,445 contracts

Author

Amberlee Bratcher