CORN
- Dec corn down 1 @ 4.21 & March down 1 @ 4.23
- USDA leaves US ending stocks alone – 1.702 mb – Same as November
- USDA lowers world ending stocks to 289 mmt – down from Nov 291.4 mmt
- Daily export sale of 344.4K mt – destination unknown
- Argentine grains inspectors & oilseed workers started new wage strike
- Argentine expected to get rains today/Friday but still extremely dry & hot
- Funds net buyers 17K contracts – O/I -725 contracts
- Dec corn expires off the board Monday, Dec 14, 2020
SOYBEANS
- Jan up 2 @ 11.60 & March up 2 @ 11.65
- USDA lowers US ending stocks to 175 mb – down from 190 mb in Nov
- USDA lowers World ending stocks to 85.6 mmt down from 86.5 mmt in Nov
- Brazilian farmers still expected to product 134.5 mt per Conab
- Brazil rainfall will be light in northern Mato Grosso
- Funds net buyers of 9K contracts – O/I -7,100 contracts
WHEAT
- Dec Chi up 9 @ 5.92, Dec KC up 8 @ 5.58 , Dec MNPLS up 8 @ 5.59
- USDA lowers US ending stocks to 862 mb down from Nov’s 877 mb
- USDA lowers World ending stocks to 316.5 mmt down from Nov’s 320.5 mmt
- France increased export expectation by 1 mt – still 48% behind last year
- Russia’s southern region continues to miss significant rains
- Funds net buyers 13K contracts SRW – O/I +20 contracts
- Dec wheat expires off the board Monday, Dec 14, 2020
CATTLE
- Feb LC up .70 @ 111.67 & Jan FC up 1.02 @ 138.05
- More weakness in beef prices may spark more down in cash
- Cattle fighting off poor export report, rallying higher
- Today’s slaughter est. at 121K head
- Early trade around 108 for LC & @ 138.28 (down .90) as of 12/4 for FC cash index
- O/I: +567 contracts for Feb LC & O/I: +290 contracts for Jan FC
HOGS
- February Hogs down -.97 @ 65.30 & Feb Pork Cutout down .25 @ 75.60
- Need to see continued strong exports to maintain support
- Hog slaughter estimated at 493K
- Cash lean index @ 65.60 as of 12/7 – down .19
- O/I: -663 contracts
Author
Amberlee Bratcher