CORN

• Dec corn up 4 @ 4.24 & March up 3 @ 4.24
• Argentina temps were hot Thursday, 100+ degrees
• Exports reach 67% of USDA forecast vs 44% normal
• Brazilian Ag consults drop corn by 2 mmt to 102.6
• Dec corn expires off the board Monday, Dec 14, 2020

SOYBEANS

• Jan up 8 @ 11.60 & March up 7 @ 11.66
• Brazil expected to get rains in next 10 days, but lighter than needed
• US soybeans stocks to use ratio fell to 3.9 – tightest since 2013-14
• USDA leaves exports unchg but reached 88% sold vs 63% normal
• Argentine oilseed workers & grain inspectors continue wage strike

WHEAT

• Mar Chi up 20 @ 6.17, Dec KC up 22 @ 5.85, Dec MNPLS up9 @ 5.72
• Russia considers wheat exports of 2,000 rbls to stabilize food prices
• Russian ag consults downgraded Russia’s 2021 wheat crop to 76.8 mt from 81 mt
• USDA lowers ending stocks versus expectation were looking for increases
• Australia’s winter crop harvest should be winding down soon
• Dec wheat expires off the board Monday, Dec 14, 2020

CATTLE

• Feb LC up 1.40 @ 113.25 & Jan FC up 1.67 @ 141.92
• Hard to explain surge higher with beef & cash down hard
• Renewed hopes of demand on vaccine hopes for 2021
• Today’s slaughter est. at 118K head
• Early trade around 108 for LC & @ 138.11 (down .09) as of 12/9 for FC cash index
• O/I: +567 contracts for Feb LC & O/I: +290 contracts for Jan FC

HOGS

• February Hogs down 1.70 @ 63.42 & Feb Pork Cutout down 1.50 @ 7370
• Ham market still strong but if exports slow, more downside potential
• Market uneasy as futures give up 65.00 support
• Hog slaughter estimated at 492K
• Cash lean index @ 65.60 (down .19) as of 12/7
• O/I: -663 contracts

Author

Amberlee Bratcher