CORN
- Dec up 1 @ 4.20 & March up 1 @ 4.25
- Weekly export sales 1.371M mt – down 18% from last wk – Mexico largest buyer
- Final corn harvest in eastern Midwest delayed by snow/cold
- Corn up again today on rumors of China buying, still no confirmation
- Ethanol reported falling yesterday due to covid restrictions
- La Nina expected to keep areas of S. Brazil & Argentina dry through Dec/Jan
- Funds net sellers of 15K contracts – Preliminary O/I -550 contracts
- March corn near-term support 4.14
SOYBEANS
- Jan up 11 @ 11.61 & March up 11 @ 11.66
- Weekly export sales 406.9K mt – down 47% from last wk – China largest buyer
- Palm oil & soybean meal rallied helping support soy complex this morning
- Rumors of China buying, however been almost 3 weeks since flash sales announced
- Rains continue to lend support to areas like Mata Grosso
- Funds net sellers of 7K contracts – Preliminary O/I -4,500 contracts
- Jan soybeans near-term 11.42 support level
WHEAT
- March Chi down 8 @ 5.80, Mar KC down 7 @ 5.46, Mar MNPLS 1 @ 5.54
- Weekly export sales 446.4K mt – down 44% from last wk – Mexico largest buyer
- Favorable conditions in SRW wheat areas of the eastern Midwest following snow
- Southern Plains, moderate/heavy snow to KS & OK helping winter wheat
- Higher Russian wheat quota & Australia production have Paris Milling futures down
- USD currently down at 90.64, lowest level since April 2018
- Funds net sellers of 5K contracts SRW – Preliminary O/I -7000 contracts
CATTLE
- Feb LC down 1.27 @ 112.65 & Jan FC down .82 @ 140.67
- Weekly export sales 13.7K mt – down from last wk – Japan largest buyer
- Eroding boxed beef values put pressure on LC & FC futures
- Choice cuts posted triple digit losses, creating concerns that top may be in
- Friday’s slaughter est. at 121K head
- Cash prices around 110 LC & @ 139.87 as of 12/1 for FC cash index
- O/I: +863 contracts for Feb LC & O/I: +699 contracts for Jan FC
HOGS
- Feb down .90 @ 66.97 & Feb Pork Cutout down .42 @ 76.97
- Weekly export sales 31.3K mt – up 66% from last wk – Mexico largest buyer
- Triple digit gains in pork cutout values from yesterday giving little support to prices
- Hog slaughter estimated at 491K
- Cash lean index @ 66.71 as of 12/1
- O/I: +752 contracts for Feb futures
Author
Amberlee Bratcher