CORN
- Mar corn up 2 @ 6.04
- USDA reported an increase of 38.7 mb of corn export sales
- Weather still dry across parts of southern Brazil and northern Argentina
- American and European weather models are somewhat conflicting in terms of rain for South America
- EIA reported yesterday, ethanol production down 3.3% to 1.051 million barrels per day
- Brazil’s first corn crop is in the pollination stage
SOYBEANS
- Jan soybeans down 2 @ 13.27
- USDA reported an increase of 29.8 mb of soybean export sales
- Southern Brazil soybeans are in the pod fill stage
- March soybean meal has rallied the past four sessions to levels last seen in mid May
- Malaysian palm oil is on the rise due to flooding in that region
- Omicron has caused some lockdowns including a city of 13 million people in China
WHEAT
- Mar wheat down 3 @ 8.11, Mar KC unchanged @ 8.54, Mar MNPLS up 2 @ 10.30
- USDA reported an increase of 15.6 mb of wheat export sales
- KC wheat is being supported by strong cash
- USDA winter wheat seedings report to be released in January with expectations for higher acreage
- Talk that Ukraine might restrict their wheat exports
CATTLE
- Feb LC up 1.325 @ 138.700 & Mar FC up 1.750 @ 163.675
- Packers purchased cattle steady with last week
- Cattle On Feed report is due for release this afternoon
- Choice cuts up 0.47 and select up 0.91
- Cattle slaughter projected at 121K
HOGS
- Feb hogs down 0.100 @ 83.250 & Feb pork cutout down 0.375 @ 93.125
- Strong cash this week (might indicate packers are seeing stronger demand)
- Hogs and Pigs report due for release this afternoon
- National Direct Afternoon report increase 0.55
- Hog slaughter projected at 472K
- CME Lean Hog Index for 12/23: down 0.69 @ 72.33