CORN
- Mar corn up 3-1/2 @ 5.90-3/4
- Corn market staying range bound in overall sideways trade.
- Weekly export sales of 1.948 MMT were a market year high, led by the large purchase from Mexico last week.
- Recovery in wheat prices and soybean strength helping support corn prices.
- Cash market and basis bids remain firm and supportive as producers are holding inventory until 2022.
SOYBEANS
- Jan soybeans up 13-3/4 @ 1275-3/4
- Export sale of 10,000 pounds of Soyoil to India helping support oil prices.
- Weekly export sales at 1.306 MMT, near the lower end of expectations. Weekly exports totaled 1.918 MMT were down 21% from last week.
- Despite weather concerns, the majority of Brazil soybean crop in good condition and the country is still likely to produce a record size crop.
- Demand is still a concern as U.S. soybeans are still more expensive than Brazil export prices going into 2022, trading nearly $30/MT more than Brazil for spring export prices.
- Prices are still trending lower overall, with cautious eye being kept on the South American weather forecast.
WHEAT
- Mar wheat up 11-1/4 @ 7.67. Mar KC up 12-3/4 @ 7.98, Mar MNPLS up 13 @ 10.22-1/2
- Recovering from Wednesday strong selling pressure, wheat market likely oversold.
- U.S. wheat demand a concern with sales down 24% compared to last year.
- Weekly export sales at 650,600 MT, a market year high, as end users picked up lower price wheat supplies. Weekly exports at 274,400 MT.
- Break lower in the U.S. dollar index helping support wheat and ag commodity futures.
CATTLE
- Feb LC down 0.550@ 136.025 & March FC down 0.675 @ 163.800
- Short-term demand concerns with weak retail prices pressuring the live cattle market.
- Cash cattle trade still developing, but early trade at $136-138 steady to $2 lower than last week.
- CME Feeder Cattle Index for 12/15 was unchanged @ 161.77 and running a discount to the feeder futures prices.
- Weekly Export sales were 17,100 mt, up noticeably from last week, and an additional 5,700 MT for 2022.
- Technical picture has turned more negative, but prices are trying to find support today.
HOGS
- Feb hogs up 0.650 @ 79.975 & Feb pork cutout up 0.450 @ 90.500
- Hog prices continue to consolidate.
- Firm close in retail values on Wednesday bringing in some buying optimism.
- Weekly export sales were supportive at 31,100 MT, up 58% over last week, and an additional 5,800 MT for 2022.
- Cash market is showing signs of life on firm National Direct values as prices may be trying to find some seasonal value.
- Overall premium of the futures market to cash market is still concerning and may keep selling pressure active in the near-term.
- CME Lean Hog Index for 12/16 gained .20 @ 72.30.