CORN
- Dec down 3 @ 4.19 & March down 3 @ 4.22
- Daily export sales of 182K mt of corn – delivery Mexico
- Scattered storms & heavy rains headed for central Brazil
- U.S. demand stays strong with strong export #’s yesterday
- Cumulative export sales for corn are at 58% of USDA target
- Funds net buyers yesterday, currently 290K+ contracts long
SOYBEANS
- Nov down 4 @ 11.64 & March down 4 @ 11.65
- Brazilian farmers have already sold 56.5% of their expected 2020/21 crop
- Cumulative export sales for beans are at 87% of USDA targets
- Global veg oil stocks are tighter – canola stock/usage lowest in 5 yrs
- Palm oil once again putting in contract highs – should help support soy complex
- Still no daily export sales of soybeans to China this week
- Failure to break above 12.00 has caused set back
WHEAT
- Mar CHI down 9 @ 5.75, Mar KC down 8 @ 5.41, Mar MPLS down 1 @ 5.39
- Wheat pressured by Paris milling futures posting losses 7 days in a row
- Increasing Russian exports & larger than expected Australian crop not supportive
- New French crop rated 96% good/excellent versus 73% last yr
- Southern U.S. Plains receiving needed rains this week
- USD currently at 90.67, lowest in 2 years, should be friendly for U.S. exports
CATTLE
- Feb LC down 0.40 @ 112.17 & Jan FC up 0.07 @ 139.87
- LC down today, focus on falling beef values – FC currently fought to be positive
- With no bullish news either from livestock or outside markets – hard to stabilize
- Friday’s slaughter estimated at 119K head
- No cash prices for LC & @ 139.44 as of 12/2 for FC Cash Index
- O/I: +310 for Feb LC & O/I: +310 for Jan FC
HOGS
- Feb Hogs down 0.15 @ 66.27 & Feb Pork Cutout down 1.62 @ 78.75
- Overflow from yesterday’s losses flow into today’s trade
- Market still trading lower pork cutout values, affecting nearby & deferred contracts
- Hog slaughter estimated at 492K
- Cash Lean Index @ 66.55 as of 12/2
Author
Amberlee Bratcher