CORN
- March up 1 @ 4.28 & Dec flat @ 4.13
- Corn exports 1.924M mt – up 41% from last week
- Funds net buyers 7K in corn – O/I +25 contracts
- China selling more corn from reserves due to tightness
- Argentina corn production continues to dwindle amid insufficient rainfall
SOYBEANS
- Jan up 7 @ 11.90 & Nov up 3 @ 10.66
- Soybean exports 922.3K mt – up 62% from last week
- Funds net even – O/I +4,000 contracts
- Argentine strikes continue to tighten meal availability
- China soybean imports will remain strong through early next year
WHEAT
- Mar Chi up 6 @ 6.04, Mar KC wheat up 4 @5.65, Mar MPLS up 3 @ 5.70
- Wheat exports 540.4K mt – down 12% from last week
- Funds net sellers 3K contracts of SRW wheat – O/I -775 contracts
- Crop condition concerns for spring both US & Russia remain firm
- Russian farmers not selling ahead of export tax, anticipating low production next harvest
- Ukraine allocated 4.7% less area for winter wheat plantings than last year
CATTLE
- Feb LC up 0.12 @ 113.90 & Jan FC up 0.42 @ 141.27
- Beef exports of 10,100 mt – up from last week
- Beef demand support & tighter cattle supplies should keep prices supported
- Cattle on Feed report Friday @ 2:00 p.m CT
- Today’s slaughter est. at 120K head
- No cash price developed for LC & @ 136.64 (down 0.05) as of 12/15 for FC cash index
- O/I: +1,383 contracts for Feb LC & O/I: +581 contracts for Jan FC
HOGS
- February Hogs down 0.35 @ 65.62 & Feb Pork Cutout up 0.02 @ 76.00
- Hogs exports of 39,900 mt – up 51% from last week
- Markets were up early this morning due to strong exports & firming pork prices
- Hog slaughter estimated at 377K
- Cash lean index @ 65.05 (down 0.01) for 12/15
- O/I: -1,411 positions for hogs & pork cutout futures -103 positions
Author
Amberlee Bratcher