CORN
- Dec up 3 @ 4.18 & March up 2 @ 4.23
- Better rain chances in very dry areas of Brazil next week causing fund liquidation
- No change in demand, US corn still cheapest feed grain globally
- As coronavirus escalates, ethanol drops 1.62% from last wk @ 976K barrels per day
- Funds net sellers of 15K contracts – Preliminary O/I -550 contracts
- March corn next support level is 50-day moving average of $4.08
SOYBEANS
- Jan down 2 @ 11.59 & March down 2 @ 11.61
- Soybeans on the 6th day in a row lower after failing to push through 12.00
- Soybean meal pushing on entire complex – drop $17+ since Monday
- Rain headed for key areas such as Mato Grosso pressuring prices
- No change in demand, US soybeans are readily available until S. American harvest
- Funds net sellers of 7K contracts – Preliminary O/I -4,500 contracts
- Jan soybeans $10.90 support level
WHEAT
- Dec Chi up 5 @ 5.75, Dec KC up 11 @ 5.49, Dec MNPLS up 7 @ 5.41
- Recent decline in prices, makes US HRW wheat competitive with Black Sea wheat
- Russian pegs 2021 crop at 79-82.8 mmt versus this year’s 85.3 mmt
- With record high stocks – going to need to see dramatic production losses globally
- Previous storm for HRW for next week, will not be as severe as predicted
- Funds net sellers of 5K contracts SRW – Preliminary O/I -7000 contracts
CATTLE
- Dec LC down .22 @ 110.40 & Jan FC down .70 @ 140.95
- All eyes on cash values & beef market development toward end of the week
- Active pressure in grain trade may give some stability to FC market
- Friday’s slaughter est. at 121K head
- Cash prices around 110 LC & @ 140.30 as of 11/30 for FC cash index
- O/I: -2092 contracts for Dec LC & O/I: +1277 contracts for Jan FC
HOGS
- Dec down .80 @ 66.17 & Dec Pork Cutout down -1.00 @ 80.70
- Outside markets adding pressure to futures prices
- Eroding pork values from yesterday add to bearish sentiment
- Hog slaughter estimated at 491K
- Cash lean index @ 66.67 as of 11/30
- O/I: -1485 contracts