CORN
- March up 5 @ 4.37 & Dec up 2 @ 4.17
- Funds net buyers 22K in corn – O/I +1,600 contracts
- Corn sales are running 142% ahead of a year ago
- China selling more corn from reserves due to tightness
- Argentina corn production continues to dwindle amid insufficient rainfall
- Demand expected to stay strong – Argentina still too dry
SOYBEANS
- Jan up 15 @ 12.16 & Nov up 6 @ 10.79
- Funds net buyers 14K contracts – O/I +9,100 contracts
- Soybean sales are running 89% ahead of a year ago
- China still needs soybeans but may wait for cheaper S. American crop
- Argentine strike continues & dry weather slows soybean planting
- Soybean meal also putting in contract highs today
WHEAT
- Mar down 1 @ 6.07, Mar KC down 1 @ 5.68, MPLS Mar flat @ 5.75
- Funds net buyers 9K contracts of SRW wheat – O/I +3,500 contracts
- Wheat sales are running 10% ahead of a year ago
- Final estimate for grain harvest in Russia could be raised to 134 mt
- Paris wheat futures rose today as Russian exports expected to slow
- Choppy trade continues, USD put in contract lows this week
CATTLE
- Feb LC up 0.30 @ 114.70 & Jan FC down 0.67 @ 140.30
- On-feed estimate for report, 100 – Placement in Nov 91.5 – Marketed in Nov 98.1
- Cattle on Feed report today @ 2:00 p.m CT
- Positive technical action in spite of sloppy cash news
- Today’s slaughter est. at 119K head
- No cash price developed for LC & @ 136.64 (down 0.05) as of 12/15 for FC cash index
- O/I: -698 contracts for Feb LC & O/I: +1021 contracts for Jan FC
HOGS
- February Hogs up 0.22 @ 65.75 & Feb Pork Cutout up 0.07 @ 75.82
- Focus on pork market weakness after yesterday’s lower pork cutout values
- Prices are expected to stay range-bound through the end of Dec
- Hog slaughter estimated at 370K
- Cash lean index @ 64.39 (down 0.46)
- O/I: -1,051 positions for hogs & pork cutout futures +34 positions
Author
Amberlee Bratcher