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 2 @ 4.49 & Dec up 1 @ 4.23
- Funds net buyers 20K contracts – O/I +10800 contracts
- Argentina’s crops will get enough rain to continue viable development for now
- China selling more corn at auction, technicals remains positive
- Demand, weather, & lack of farmer selling continue to bolster prices
SOYBEANS
- Jan up 8 @ 12.66 & Nov up 1 @ 10.85
- Funds net buyers 9K contracts – O/I -12,000 contracts
- Except for northern Brazil – rains continue to support crops favorably
- Overbought technically, but tight supplies keep prices on the move up
- China continues to need soybeans – strong demand expected into 2021
WHEAT
- Mar down 3 @ 6.26, Mar KC up 1 @ 5.88, March MNPLS up 1 @ 5.89
- Funds net buyers of 10K contracts of SRW wheat – O/I +8900 contracts
- U.S. HRW wheat productions areas will get a little snow/rain next week
- Russia & Ukraine set to receive much needed rain/snow over next 2 weeks
- Weak dollar trend & hopes for better demand from S. America due to strike
CATTLE
- Feb LC up .02 @ 114.75 & Jan FC .20 @ 140.75
- Positive chart movement but demand still weak
- Markets thin today as 3 day holiday approaches
- Today’s slaughter est. at 116K head
- Cattle prices around 110 for LC & @ 139.74 up .18 as of 12/21 for FC cash index
- O/I: -671 contracts for Feb LC & O/I: +158 contracts for Jan FC
HOGS
- February Hogs down .67 @ 67.17 & Feb Pork Cutout down .10 @ 76.90
- Lack of bullish news in reports sparked selling this morning
- Waiting for next week when market participants return for indication on price direction
- Hog slaughter estimated at 262K & runs expected at 67K head
- Cash lean index @ 62.01 down .51 as of 12/21
- O/I: -142 positions for hogs & pork cutout futures +29 positions
Author
Amberlee Bratcher