Meade Co-op
Departments
Cash Bids
Market Data
News
Ag Commentary
Weather
Resources
|
AgriCharts Market CommentaryDo you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily. Beans Fade Afternoon Closing MixedNearby soybeans traded with wide 20+ cent ranges, but ultimately closed mixed. Jan through May closed in the red while the back months held on to fractional to 5 1/2 cent gains. Soybean meal futures closed in the red, with $1 to $3.20/ton losses. Soy oil futures ended the day 28 to 38 points weaker in the front months. USDA’s weekly Export Inspections report showed 2.297 MMT (84.4 mbu) of soybeans shipped on the week ending 12/3. That was down 5% wk/wk, but up 64% from the same week last year. The top destination was again China with 68% of the total. MYTD soybean shipments were reported at 1.08 bbu through 12/03. Chinese customs data showed the PRC brought in 9.59 MMT of soybeans in November. That was a 16% increase yr/yr.
--- provided by Brugler Marketing & Management Hogs Lose Triple DigitsAt the end of Monday’s trade, the board showed $1.07 to $1.62 losses for front month lean hog futures. Pork Cutout futures closed $1.07 to $1.17 weaker on the day. The Fresh Bacon Index from CME was $126.66 on the week ending 12/4. That was up $3.26 cwt. wk/wk. The CME Lean Hog Index was another 29 cents weaker at $66.26. USDA’s National Average Base Hog price for Monday was 6 cents higher to $55.37. Census data showed another record export month for pork with 589m lbs shipped in October. That was the 16th consecutive monthly record dating back to June ’19. China and Mexico were the top destinations with 135.6m and 135.56m lbs respectively. YTD pork exports were reported at 6.01 billion lbs, which was 307m lbs shy of 2019’s total, with 2 months of data to add. USDA’s National Pork Carcass Cutout value was down 27 cents on Monday, at $77.90. USDA estimates FI hog slaughter for Monday at 497,000 head. That is even with LW and up 4k yr/yr.
--- provided by Brugler Marketing & Management Cattle Close in RedMonday trading closed with the cattle futures complex in the red. Fat cattle futures were down $0.80 to $1.37 on the day. December futures were a discount to last week’s cash trade on First Notice Day. Feeders closed with triple digit losses in the front months limited to $1.97.The CME Feeder Cattle Index was $139.18 on 12/3. Cash trading was quiet on Monday. Census data showed October beef exports were 258.337 million pounds. That was 8.1% above September and 8.8% higher yr/yr. YTD exports are trailing 2019 by 5% with 2.4 billion lbs shipped. Wholesale boxed beef prices continued working lower on Monday. Choice boxes were quoted at $230.80 after a $4.22 drop, and Select was $209.48 after a significant $8.03 drop. USDA estimates Monday’s FI cattle slaughter at 119k head. That matches the start to last week but trails the same Monday last year by 2,000 head.
--- provided by Brugler Marketing & Management Wheat Closes Monday Mixed Mostly HigherAt the close for the Monday session wheat futures were mostly higher. SRW led the complex, closing with 2 to 2 3/4 cent gains. Illiquid in-delivery December SRW was up 4 3/4 cents. KC wheat closed 1 1/2 to 2 3/4 cents in the black. MGE wheat futures ended fractionally to 1 3/4 cents weaker. USDA reported 530,781 MT of wheat exports for the week ending 12/3. That was slightly lower week to week, but up 45% from the same week last year. The top destination was Japan with 90,568 MT. Mexico and China were also significant destinations in the weekly update. MYTD wheat exports were reported at 13.467 MMT, which is up 3% yr/yr. France shipped 877,000 MT of soft wheat in November, with 331,800 MT to top destination China.
--- provided by Brugler Marketing & Management Corn Ends in Black on MondayWith no deliveries reported against Dec, futures rallied 2 1/2 to 3 3/4 cents. The national cash price from cmdtyView was also 2 1/2 cents stronger maintaining the -21 cent basis against Dec. USDA’s weekly Export Inspections report showed 734,079 (28.9 mbu) of corn shipments on the week ending 12/03. Mexico was the top destination for the week with 43% of the total, and China accounted for 38%. Weekly data had accumulated exports at 434.12 mbu. For sorghum, the Export Inspections report showed 0 MT for the week, leaving MYTD exports at 1.452 MMT. Argentine corn planting is estimated 35% complete, lagging the 49% from last year as producers awaited enough rain to get the crop up. Ag Rural lowered their Brazilian 2020/21 first crop corn production forecast 700k MT to 19.4 MMT citing dryness. Taiwan issued an international tender for 65k MT of optional origin corn. South Korea purchased 69k MT of optional origin corn.
--- provided by Brugler Marketing & Management Cotton Closes with Monday GainsAt the close for the first trade day of the week, front month cotton futures were 77 to 106 points stronger. Dec futures closed at 70.63 cents/lb with a day left to trade. Front month cotton futures are 53 to 61 points in the black at midday. December cotton futures expire on Tuesday, but haven’t traded yet through Midday. USDA’s Daily Spot Quotations reported 8,068 bales sold on Monday for an average price of 68.02 cents. The Cotlook A index was 50 points lower on 12/4, at 77.85. The week’s AWP for cotton is 58.42 cents/lb. ICE certified stocks were 589 bales lighter, but still above 100k on 12/4.
--- provided by Brugler Marketing & Management Corn Rallying Back to PositiveAfter starting the week with losses, front month corn futures have climbed back to positive with midday gains of 1 3/4 to 2 1/2 cents. USDA’s weekly Export Inspections report showed 734,079 (28.9 mbu) of corn shipments on the week ending 12/03. Mexico was the top destination for the week with 43% of the total, and China accounted for 38% of the total. Weekly data had accumulated exports at 434.12 mbu. On Friday, Census data confirmed 145.03 mbu of corn was shipped in October, setting accumulated shipments at 294.75 mbu for the first two months. For sorghum, the Export Inspections report showed 0 MT for the week, leaving MYTD exports at 1.452 MMT. The official accumulated milo exports were 713,039 MT through October. Argentine corn planting is estimated 35% complete, lagging the 49% from last year as producers awaited enough rain to get the crop up. Ag Rural lowered their 2020/21 corn production forecast 700k MT to 19.4 MMT citing dryness. Taiwan issued an international tender for 65k MT of optional origin corn. South Korea purchased 69k MT of optional origin corn.
--- provided by Brugler Marketing & Management Cattle Market Lower at Mondays MiddayLive cattle futures are trading 40 to 80 cents in the red at midday. December futures are a discount to last week’s cash trade on First Notice Day. Feeder cattle futures are trading $0.67 to $1.20 lower at midday. The CME Feeder Cattle Index was $139.18 on 12/3, down 43 cents. Most negotiated cash trading last week took place at $110 live and $174 in the beef. Wholesale boxed beef prices continue working lower on Monday. Choice boxes were quoted at $233.54 after a $1.48 drop, and Select was $212.52 after a $4.99 drop in the AM update. USDA estimated the week’s FI cattle slaughter at 667,000 head, down from 682k last year. YTD slaughter trails 2019’s pace by 3.4%.
--- provided by Brugler Marketing & Management Cotton Market Trading HigherFront month cotton futures are 53 to 61 points in the black at midday. December cotton futures expire on Tuesday, but haven’t traded yet through Midday. Census export data showed an unsurprising record October with 1.195m bales shipped. YTD exports for the first three months are a record 3.542m bales, outpacing the previous record set in 07/08 by 43,293 bales. USDA’s weekly Cotton Market Review said the average cash price fell 63 points on the week to 67.56 cents with 31,246 fewer bales sold. The Cotlook A index was 50 points lower on 12/4, at 77.85. The week’s AWP for cotton is 58.42 cents/lb.
--- provided by Brugler Marketing & Management Wheat Mixed with Strength in SRWSRW wheat futures are in the black at midday, while the rest of the complex remains mixed. Gains in CBT futures are 3/4 to 1 3/4 cents, while Dec is up 5 to $5.71 1/2. KC wheat is trading mostly lower with losses limited to 1 3/4 cents at midday. MPLS HRS wheat futures are fractionally mixed to 1 3/4 cents lower. USDA reported 530,781 MT of wheat exports for the week ending 12/3. That was slightly lower week to week, but up 45% from the same week last year. The top destination was Japan with 90,568 MT. Mexico and China were also significant destinations in the weekly update. MYTD wheat exports were reported at 13.467 MMT, which is up 3% yr/yr. On Friday, official Census data showed 11.627 MMT (427.21 mbu) were shipped through October.
--- provided by Brugler Marketing & Management Beans In Black at MiddayFront month soybean futures have rallied 14+ cents since double digit losses near the open. Midday prices are 2 1/4 to 4 1/4 cents in the black. Soybean meal futures are mixed near UNCH as they climb back from early session losses as well. Soy oil futures are down 10 to 17 points, with a 46 point drop in Dec. Both of the major forecast models show above average rainfall for Brazil’s Mato Grosso state this week, aiding crop development. Brazilian bean planting trails last season’s pace by 3 percent points with 90% planted so far. USDA’s weekly Export Inspections report showed 2.297 MMT (84.4 mbu) of soybeans shipped on the week ending 12/3. That was down 5% wk/wk, but up 64% from the same week last year. The top destination was again China with 68% of the total. MYTD soybean shipments were reported at 1.08 bbu through 12/03. Official Census soybean exports through just the first two months of the MY were a record 706 mbu. Chinese customs data showed the PRC brought in 9.59 MMT of soybeans in November. That was a 16% increase yr/yr.
--- provided by Brugler Marketing & Management Hogs in Red at MiddayMonday lean hog trading begins the new week with $0.35 to $1 midday losses. Pork Cutout futures are also in the red at midday with 50 to 90 cent losses. The Fresh Bacon Index from CME was $126.66 on the week ending 12/4. That was up $3.26 cwt. wk/wk. The CME Lean Hog Index was another 29 cents weaker at $66.26. USDA’s National Average Afternoon Base Hog price for Friday was 46 cents weaker at $55.81. USDA’s National Pork Carcass Cutout value was $79.78 this morning, up $1.61 cwt. USDA estimates FI hog slaughter for the week through Saturday at 2.789m head, down 15k head yr/yr. YTD slaughter remains 0.8% ahead of 2019’s pace with 121.582 million head.
--- provided by Brugler Marketing & Management Cotton Futures Modestly Lower This MorningCotton futures start the new week of trade 6 to 10 points lower than they went 德州手机游戏免费下载home on Friday. Cotton futures closed 37 to 46 points higher on Friday. December cotton futures expire on Tuesday, they were down 2.5% on the week. Census export data showed an unsurprising record October with 1.195m bales shipped. YTD exports for the first three months are a record 3.542m bales, outpacing the previous record set in 07/08 by 43,293 bales. CFTC data showed that managed money reduced their net long 825 contracts to 60,460 on the week ending December first. USDA’s weekly Cotton Market Review said the average cash price fell 63 points on the week to 67.56 cents with 31,246 fewer bales sold. The Cotlook A index was 50 points lower on 12/3, at 78.35. The week’s AWP for cotton is 58.42 cents/lb. Hog Futures Converging With Cash Ahead Approaching ExpirationLean hog futures closed the last trade day of the week mostly lower. April contracts ended with a 2 cent gain on the day, but the other front months were 15 to 35 cents lower. The CME Lean Hog Index fell back 16 cents to $66.55 on 12/2. USDA’s National Average Afternoon Base Hog price for Friday was 46 cents weaker at $55.81. Pork Cutout futures closed $0.92 to $1.92 lower. USDA’s National Pork Carcass Cutout value was reported at $78.17 in the PM update, $1.12 stronger. CFTC’s weekly Commitment of Traders report showed lean hog specs added 1,926 contracts to the net long, at 38,359 as of 12/1. USDA estimates FI hog slaughter for the week through Saturday at 2.789m head, down 15k head yr/yr. YTD slaughter remains 0.8% ahead of 2019’s pace with 121.582 million head. --- provided by Brugler Marketing & Management Soybean See Double Digit Losses on Mato Grosso RainSoybean futures are 5 to 12 cents per bushel lower this morning. On Friday, soybeans sold off into the close and ended with 4 1/4 to 5 1/4 cent losses. Soybean meal futures closed the session $4.00 to $4.50 lower. Soy oil futures went the other way, up 51 to 68 points for the day (but Jan contracts were still down half a percent on the week). Both of the major forecast models show above average rainfall for Brazil’s Mato Grosso state this week, aiding crop development. Official Census soybean exports for October were a record 420.34 mbu. That is an all time high for any month, and just the 3rd time on record with 400+ mbu for one month. Soymeal exports were 995,532 MT. BO shipments in October were 83,483 MT. The weekly Commitment of Traders report showed long liquidation reduced the soybean spec trader net long 9,127 contracts to 194,683. Soymeal specs were reported 71,120 contracts net long which was down 749. Managed money also trimmed their BO net long 825 contracts to 60,460. --- provided by Brugler Marketing & Management Cattle Fade As Beef Fights for Place at Holiday TableLive cattle futures closed 12 to 22 cents lower on Friday, save for a 72 cent drop in Dec as the options expired. Feeder cattle futures ended the session mostly higher with 7 to 10 cent gains in the front months. Jan contracts ended with a 2 cent loss on the day. The CME Feeder Cattle Index was $139.18 on 12/3, down 43 cents. The weekly CoT report showed live cattle spec trader OI increased 1.3% for a net reduction to their 40k contract net long. In Feeder cattle futures and options, CFTC data showed managed money had flipped net long on the week via short covering. A few Friday catch up cash sales were noted at $109, the bulk of the week’s business was $110. For dressed sales in the North, the range was $170-$176 with the majority from $172-$174. Wholesale boxed beef prices fell sharply on Friday, with a $4.17 drop in Choice and a $2.42 drop in Select. USDA estimated the week’s FI cattle slaughter at 667,000 head, down from 682k last year. YTD slaughter trails 2019’s pace by 3.4%. --- provided by Brugler Marketing & Management Corn Down 3 To 5 Cents to Begin WeekCorn futures start the new week with overnight losses of 3 to 5 cents per bushel. On Friday, corn futures closed with 5 1/2 to 6 cent losses. March contracts were down 8 1/2 cents for the week. Official Census corn shipments were 145.03 mbu in October. That was 60% above 2019, but down from 149.7 mbu in September as soybeans competed for fobbing capacity. DDGS exports were a 9 year low for the month of October with 951,500 MT shipped. The YTD total is still running slightly ahead of 2019. Ethanol exports from October, on the other hand, were a 2-yr high in October with 126.5m gallons shipped. Census data showed 247,041 MT of sorghum was shipped in October, which was a 5-yr high for the month. CFTC data showed long liquidation coupled with new spec shorts, for a net reduction of 16,966 contracts to the spec net position last week. Corn specs were still 270,633 contracts net long on 12/1. Argentine corn planting is estimated 35% complete, lagging the 49% from last year as producers awaited enough rain to get the crop up. --- provided by Brugler Marketing & Management Wheat Down 3 to 8 CentsWheat comes out of the weekend with 3 to 8 cent per bushel losses.Most ag commodities are lower to begin the week. At the close on Friday, Chicago SRW was 5 1/4 to 9 cents weaker. KC HRW wheat futures ended 3 3/4 to 7 cents lower. Minneapolis spring wheat futures closed 3 to 4 1/2 cents lower on the day. Census data showed the official wheat exports for October were 63.96 mbu, down from 98.7 mbu in September and 83.4 mbu in October ’19. The weekly CoT update from CFTC showed managed money flipped net short in SRW futures and options after a week of long liquidation and new selling. Managed money reduced their net long in KC wheat by 3,915 contracts to 44,506 contracts on lower OI. In HRS, CFTC data showed managed money was 4,755 contracts net long on 12/1. --- provided by Brugler Marketing & Management Wheat Weakens on FridayFriday trading sent wheat futures into the weekend with losses. Chicago SRW closed 5 1/4 to 9 cents weaker, with a 5% loss for March from Friday to Friday. KC HRW wheat futures ended 3 3/4 to 7 cents lower, with March down 4% on the week. MPLS spring wheat futures closed 3 to 4 1/2 cents lower on the day, and 19 1/2 cents lower on the week. Census data showed the official wheat exports for the month of October were 63.96 mbu, down from 98.7 mbu in September and 83.4 mbu in October ’19. The weekly CoT update from CFTC showed managed money flipped net short in SRW futures and options after a week of long liquidation and new selling. Managed money reduced their net long in KC wheat by 3,915 contracts to 44,506 contracts on lower OI. In HRS, CFTC data showed managed money was 4,755 contracts net long on 12/1.
--- provided by Brugler Marketing & Management Cattle Complex Closes Friday MixedLive cattle futures closed 12 to 22 cents lower on the day, save for a 72 cent drop in Dec as options rolled off the board. Feeder cattle futures ended the session mostly higher with 7 to 10 cent gains in the front months. Jan contracts ended with a 2 cent loss on the day. The CME Feeder Cattle Index was $139.18 on 12/3, down 43 cents. The weekly CoT report showed live cattle spec trader OI increased 1.3% for a net reduction to their 40k contract net long. In Feeder cattle futures and options, CFTC data showed managed money had flipped net long on the week via short covering. A few Friday catch up cash sales were noted at $109, the bulk of the week’s business was $110. For dressed sales in the North, the range was $170-$176 with the majority from $172-$174. Wholesale boxed beef prices fell sharply on Friday, with a $4.17 drop in Choice and a $2.42 drop in Select. USDA estimates the week’s FI cattle slaughter at 667,000 head through Saturday, which is down from 682k LY. YTD slaughter trails 2019’s pace by 3.4%.
--- provided by Brugler Marketing & Management Hogs Weakened for WeekendLean hog futures closed the last trade day of the week mixed but mostly lower. April contracts ended with a 2 cent gain on the day, but the other front months were 15 to 35 cents lower. Dec hogs ended the week even with last Friday’s close. The CME Lean Hog Index fell back 16 cents to $66.55 on 12/2. USDA’s National Average Afternoon Base Hog price for Friday was 46 cents weaker at $55.81. Pork Cutout futures closed $0.92 to $1.92 lower. USDA’s National Pork Carcass Cutout value was reported at $78.17 in the PM update, $1.12 stronger. CFTC’s weekly Commitment of Traders report showed lean hog specs added 1,926 contracts to the net long, at 38,359 as of 12/1. USDA estimates FI hog slaughter for the week through Saturday at 2.789m head, down 15k head yr/yr. YTD slaughter remains 0.8% ahead of 2019’s pace with 121.582 million head.
--- provided by Brugler Marketing & Management Corn Fades Afternoon Closes in RedAfternoon trading pushed corn even lower as futures head into the weekend with 5 1/2 to 6 cent losses. March contracts were down 8 1/2 cents for the week. USDA reported a large export sale of 182,020 MT of corn to Mexico under the daily reporting system. Official Census corn shipments were 145.03 mbu in October. That was 60% above 2019, but down from 149.7 mbu in September as soybeans competed for fobbing capacity. DDGS exports were a 9 year low for the month of October with 951,500 MT shipped. Ethanol exports from October, on the other hand, were a 2-yr high with 126.5m gallons shipped. Census data showed 247,041 MT of sorghum was shipped in October, which was a 5-yr high for the month. CFTC data showed long liquidation coupled with new spec shorts, for a net reduction of 16,966 contracts to the spec net position last week. Corn specs were still 270,633 contracts net long on 12/1.
--- provided by Brugler Marketing & Management Beans Close a Nickel Lower on FridayA late session selling program pushed soybeans to minus 4 1/4 to 5 1/4 cents on the day. Jan contracts closed 28 3/4 cents below last Friday. Soybean meal futures closed the session $4.00 to $4.50 lower. Soy oil futures went the other way, up 51 to 68 points for the day (but Jan contracts were still down half a percent on the week). Official Census soybean exports for October were a record 420.34 mbu. Soymeal exports were 995,532 MT. BO shipments in October were 83,483 MT. The weekly Commitment of Traders report showed long liquidation reduced the soybean spec trader net long 9,127 contracts to 194,683. Soymeal specs were reported 71,120 contracts net long which was down 749. Managed money also trimmed their BO net long 825 contracts to 60,460.
--- provided by Brugler Marketing & Management Cotton Fades in Afternoon But Is Higher on DayAfter giving back some of the triple digit gains, front month cotton futures still closed 37 to 46 points higher. December cotton futures expire on Tuesday, they were down 2.5% on the week. Census export data showed an unsurprising record October with 1.195m bales shipped. YTD exports for the first three months are a record 3.542m bales, outpacing the previous record set in 07/08 by 43,293 bales. CFTC data showed that managed money reduced their net long 825 contracts to 60,460 on the week ending December first. USDA’s weekly Cotton Market Review said the average cash price fell 63 points on the week to 67.56 cents with 31,246 fewer bales sold. The Cotlook A index was 50 points lower on 12/3, at 78.35. The week’s new AWP for cotton is 58.42 cents/lb.
--- provided by Brugler Marketing & Management Beans Back in Red on FridayFront month soybeans futures are trading 3 1/4 to 4 cents lower after Thursday’s bounce. Dalian soybean futures traded at the lowest price since September 29 before squaring up for the weekend. The national average soybean basis from cmdtyView was 46 cents under Jan on the 4th. That is the strongest basis under the front month future since 8/25 and is a dime stronger than a year ago. Soybean meal futures are down $2.60 to $3.10/ton so far. Soy oil futures are in the black at midday, gaining 34 to 48 points. There were only 6 overnight against December BO, and the total for the month is an unusually low 206. Those with cash inventory want to keep it. Canadian canola production was estimated at 18.720 MMT in StatsCan November forecast. That is a 4.5% drop from 2019 and a five year low. Spot canola prices are the highest since 2013.
--- provided by Brugler Marketing & Management Cotton Finding Friday StrengthCotton futures are up triple digits on pre-weekend profit taking by the bears. December cotton expires on Tuesday. USDA’s weekly Export Sales report showed 277,863 RBs of cotton booked on the week ending 11/26. That was down 22% on the week but just 2% below sales from the same week last MY. Cotton shipments remain strong with 181,000 RBs shipped on the week, maintaining the record pace which is now accumulated to 4.132m RBs. USDA’s Daily Spot Quotations report showed 17,365 bales sold at spot, for an average 66.68 cents. The Cotlook A index weakened another half cent on 12/3, down to 78.35. The week’s new AWP for cotton is 58.42 cents/lb.
--- provided by Brugler Marketing & Management Wheat Weakens on FridayFriday wheat trading has futures adding to the downside ahead of the weekend. Chicago SRW is trading down by 7 to 8 3/4 cents so far. The national average SRW cash price from cmdtyView was down 8 cents at $5.45/bu. KC HRW wheat futures are 5 to 8 cents in the red at midday. The national average HRW cash price from cmdtyView was 8 cents weaker at $5.07 3/4 per bushel. MPLS spring wheat futures are down 1 1/2 to 3 1/2 cents. CmdtyView has the midday cash price for HRS wheat at $5.01/bu, which is 3 cents lower than yesterday weakening basis. USDA’s weekly Export Sales update showed 446,384 MT of wheat bookings on the week ending 11/26. MYTD wheat exports were reported at 12.372 MMT, which is even with last year’s pace. StatsCan released the November estimates for 2020 crop outputs, showing 35.183 MMT of all wheat. That is up 7.7% from 2019, led by a 1.5 MMT bump for durum and a 1 MMT bump in winter wheat.
--- provided by Brugler Marketing & Management Cattle Complex in Red at MiddayDecember live cattle futures’ options expire today. Price action appears to be pushing for a 108 pin, the 108 and 110 strikes have the largest OI with 1,231 open calls and 2,482 open puts and 2,398 open calls and 1,826 open puts respectively as of 12/3. The other front months are down 30 to 62 cents. Feeders are 12 to 30 cents weaker so far. The CME Feeder Cattle Index was $139.44 on 12/02, down 43 cents. USDA reported Thursday cash sales were $107-$111. The bulk of activity for the week has been near $110 with $172-$174 in the beef. Wholesale boxed beef prices were lower again on Thursday with a $1.70 drop in Choice and a $3.02 drop in Select. Choice rib primals were quoted at $514.80 in the PM report. USDA estimates the week to date cattle slaughter at 481k head through Thursday. That is up 1,000 yr/yr.
--- provided by Brugler Marketing & Management Hogs Continue Lower on FridayLean hog futures trading has the front months $0.17 to $1.25 weaker at midday. The CME Lean Hog Index fell back 16 cents to $66.55 on 12/2. USDA’s National Average Base Hog price for this morning was 11 cents lower at $55.16. Pork Cutout futures are down triple digits so far. USDA’s National Pork Carcass Cutout value was reported at $79.94 this morning, up $3.49 on strength in the ham primals. USDA’s FI hog slaughter for the week through Thursday was 1.967 million head. That trails last year by 19,000 head.
--- provided by Brugler Marketing & Management Corn Slipping Back at MiddayAhead of the weekend, corn is trading 3 to 3 3/4 cents weaker. Rains in Brazil are triggering a little profit taking. There have still been zero deliveries against December futures. The oldest long awaiting delivery is from July 7. The national average basis from cmdtyView was 20.65 cents under Dec. That is 1.25 cents firmer than FND, but a penny weaker than the November average. USDA reported a large export sale of 182,020 MT of corn to Mexico under the daily reporting system. The November production estimates from StatsCan had 2020 Canadian corn output at 13.563 MMT. That is up 1.2% yr/yr.
--- provided by Brugler Marketing & Management Market Commentary provided by: |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|