TFM Midday Update 12-23-2020

MERRY CHRISTMAS FROM ALL OF US AT TOTAL FARM MARKETING!

THURSDAY, DECEMBER 24: The CME closes at 12:15 CT, and Total Farm Marketing offices close at 1:00 CT. There will be no 4:30 update.
FRIDAY, DECEMBER 25: The CME and Total Farm Marketing offices are closed.

CORN

  • March up 5 @ 4.48 & Dec up 4 @ 4.23
  • Funds net buyers 12K contracts – O/I +9,500 contracts
  • Ethanol production for the week ending 12/18 avg 976K barrels per day – down 9.88% from last year
  • Argentina’s outlook trended a little wetter today but overall still too dry
  • Export sales of 651K mt – down 66% from last week

SOYBEANS

  • Jan up 14 @ 12.62 & Nov up 1 @ 10.88
  • Funds net buyers 2K contracts – O/I -12,000 contracts
  • Brazil rainfall was greatest from Mato Grosso to Minas Gerais & northern Sao Paulo
  • Wage talks between Argentine pork workers & soymeal manufacturers still stalled
  • 13th day of strike – surges palm oil higher
  • Export sales of 352K mt – down 62%

WHEAT

  • Mar up 13 @ 6.30, Mar KC up 9 @ 5.88, March MPLS up 10 @ 5.90
  • Funds net buyers of 4K contracts of SRW wheat – O/I +2500 contracts
  • Russia & Ukraine will get periodic snow & rain throughout the next 2 weeks
  • Following corn & soybeans lead – fewer exports due to Argentine strike lending support
  • Exports sales 393.7K mt down 27% from last week
  • March milling wheat up due to uncertainty on Russian crop productions

CATTLE

  • Feb LC up 0.47 @ 113.92 & Jan FC up 0.12 @ 140.02
  • Big premium hard to rationalize with high weights
  • Continued drag on food service demand continues to pull on prices
  • Export sales of 6,000 – down 40% from last week
  • Today’s slaughter estimated at 116K head
  • No cash price developed for LC & @ 139.74 up 0.18 as of 12/21 for FC cash index
  • O/I: -671 contracts for Feb LC & O/I: +158 contracts for Jan FC

HOGS

  • Feb Hogs up 1.00 @ 67.02 & Feb Pork Cutout up 1.12 @ 77.07
  • Traders looking for price direction in today’s Hogs & Pig report – 2:00 pm CT
  • Export sales of 16,300 mt – down 59% from last week
  • Hog slaughter estimated at 465K & runs expected at 67K head
  • Cash Lean Index @ 62.01 down 0.51 as of 12/21
  • O/I: -142 positions for hogs & pork cutout futures +29 positions

Author

Amberlee Bratcher

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