CORN

• Dec down 3 @ 4.16 & March down 5 @ 4.19
• China strong demand could pull ending stocks lower than expected tomorrow
• Corn exports 69% ahead of a year ago
• Southern Argentina will see the least frequent & significant rains for some time
• Funds buyers of 10K contracts, O/I  down -2,300
• March short-term support @ 4.18 and resistance 4.26

SOYBEANS

• Jan down 13 @ 11.45 & March down 11 @ 11.51
• Traders expecting ending stocks to decline 22 mil minimally tomorrow
• Soybean exports are up 69% on the year
• Index funds are rolling from Jan to March futures putting pressure on front month
• Rainfall expected in Brazil – however lighter in northern Mato Grosso
• Funds net even in soybeans, O/I +4,900

WHEAT

• Mar Chi down 5 @ 5.72, Mar KC down 5 @ 5.39, Mar MNPLS down 4 @ 5.44
• Technical action improves & Paris wheat jumps 1.2%
• Wheat exports running 3% ahead of last year
• Drought in northern plains continues to expand due to La Nina affects
• Southern Russia & Eastern Ukraine continue to remain dry affecting winter crops
• Funds net buyers of 2K contracts SRW & O/I  -1,400
• USD currently at 90.95, up for the day but well below trading averages

CATTLE

• Feb LC up .15 @ 111.17 & Jan FC up .22 @ 138.02
• Potential for weak demand into holidays, due to stay home mentality
• Markets still trying to adjust to aggressive losses in beef cutout values
• Friday’s slaughter est. at 120K head
• No cash prices for LC & @ 138.28 for 12/4 for FC cash index
• O/I: -40 for Feb LC & O/I: +240 for Jan FC

HOGS

• Feb Hogs up 1.00 @ 65.95 & Feb Pork Cutout up .45 @ 75.45
• Seasonal peak in hams & slow exports pressure futures
• Traders looking for support in pork values through end of the week
• Hog slaughter estimated at 494K
• Cash lean index @ 65.77 for 12/4
• O/I: -555 contracts for Feb futures

Author

Amberlee Bratcher