CORN
- Mar corn down 3 @ 6.12
- Corn inspections totaled 28.3 mb on yesterday’s report
- Matif corn futures are at two-week highs
- Yesterday March corn had its highest close in 6 months
- Dry weather in South America remains a concern – first week of the forecast brings some showers but returns to warm and dry the second week
- Snow today in the US northern Plains and northern Midwest
SOYBEANS
- Jan soybeans up 2 @ 13.65
- Soybean inspections totaled 58 mb on yesterday’s report
- Soybeans are trading increased money flow due to South American weather concerns
- Matif rapeseed made all-time highs
- Flooding in the Malaysian region has created a shortage of palm oil, causing a rally
- Export sales remain 24% behind last year
WHEAT
- Mar wheat down 17 @ 7.87, Mar KC down 18 @ 8.29, Mar MNPLS down 15 @ 10.09
- Wheat inspections totaled 10 mb on yesterday’s report
- Yesterday wheat dropped on talk that Iraq is delaying their tender (some thought they might source from the US)
- Russia is getting snow – may help insulate the crop and provide moisture in the spring
- Wheat charts posted bearish reversals yesterday with follow-through selling at midday today
CATTLE
- Feb LC down 0.125 @ 139.150 & Mar FC up 1.575 @ 164.850
- Cash this week will need to be steady with last week to support futures
- Packers need cattle to meet demand
- Stronger demand is indicated by higher boxed beef prices
- Choice cuts up 1.54 and select up 2.23
- Cattle slaughter projected at 120K
- CME Feeder Cattle Index for 12/27: down 1.14 @ 159.14
HOGS
- Feb hogs down 0.475 @ 83.175 & Feb pork cutout down 0.425 @ 92.925
- Packers may be less aggressive this week due to slaughter not being at full capacity during the holidays
- June through August futures made new contract highs yesterday
- Tighter supplies are expected into next year
- National Direct Afternoon report declined 0.78
- Hog slaughter projected at 479K
- CME Lean Hog Index for 12/28: down 0.51 @ 71.16
Author
Brandon Doherty