- Feeder Cattle has base to work higher in place
Demand and relatively cheap feed grain keeps a bid on Feeder Cattle. Feed Lots are full with more product needed.
- Trade Talks Blooming & China Set to Buy Corn. The Corn & Ethanol Report 12/14/18
We kickoff this morning with Business Inventories and Retail sales followed by Capacity Utilization and Industrial Production at 8:15 A.M. December Grains...
- Morning Grain Market Research
We certainly did not lack news this week. From supply/demand updates, both here and abroad, to forecasts for crops yet to come, to the actual realization...
Futures Market News and Commentary
Corn futures are trading 1 to 1 3/4 cents higher at midday, with expiring Dec up 2 3/4. USDA reported a private export sale of 125,000 MT of corn to Japan this morning. Corn export commitments through December 6 were 16.3% larger than last year. Export Commitments are now 44% of the USDA projection, with the normal pace running 49%. Argentina’s corn crop is estimated at 46.7% planted, lagging the 53.8% average pace according to the Buenos Aires Grains Exchange. Trade rumors this morning suggested China may turn to US corn purchases after the first of the year (reports were ~3MMT).Dec 18 Corn is at $3.78 1/4, up 2 3/4 cents,Mar 19 Corn is at $3.85 3/4, up 1 1/2 cents,May 19 Corn is at $3.93 1/2, up 1 3/4 centsJul 19 Corn is at $3.99 1/2, up 1 1/4 cents--provided by Brugler Marketing & Management
Soybean futures are trading 3 to 4 cents lower on Friday. Dec soy meal is down $1.40/ton, with soy oil 16 points lower, as both nearby contracts expire today. Separate soybean export sales of 300,000 MT to China and another 130,000 MT to Unknown both for 18/19 delivery were reported through the USDA’s daily reporting system this morning. Export commitments for soybeans were 33.8% lower than a year ago as of December 6. They were just 48% of USDA’s full year projection prior to the Chinese buys, compared to the 75% average. Analysts estimated Monday’s NOPA report will show 168.444 mbu of soybeans crushed by its members during November. Soy oil stocks are projected to total 1.503 billion pounds. The Buenos Aires Grain Exchange estimated that 68.8% of the Argentine soybean crop is planted, above the 66.9% average pace. They also pegged the initial conditions at 19.1% gd/ex, vs. 49.3% gd/ex last year.Jan 19 Soybeans are at $9.03 3/4, down 3 1/4 cents,Mar 19 Soybeans are at $9.17 1/4, down 3 1/4 cents,May 19 Soybeans are at $9.30 1/4, down 3 cents,Jul 19 Soybeans are at $9.41 1/2, down 3 1/2 cents,Dec 18 Soybean Meal is at $309.40, down $1.40Dec 18 Soybean Oil is at $28.64, down $0.16--provided by Brugler Marketing & Management
Wheat futures are showing 3 to 4 1/4 cent losses in most CBT contracts, with KC and MPLS mostly steady to a penny higher. Dec futures expire today. Wheat 18/19 export commitments are now just 9.5% behind this time last year. They are now 60% of USDA’s newly updated projection of 1 bbu, with the normal pace at 77%. Russia’s ag ministry estimates that the country’s 18/19 wheat crop totaled 70 MMT. BAGE estimates that Argentina’s wheat crop is now 75.2% mature, with harvest even with average pace at 57.4%. They estimate condition ratings at 35.8% gd/ex, compared to 63.9% gd/ex last year.Mar 19 CBOT Wheat is at $5.31 3/4, down 4 1/4 cents,Mar 19 KCBT Wheat is at $5.19 1/2, down 1/2 cent,Mar 19 MGEX Wheat is at $5.89 1/4, up 1 cent--provided by Brugler Marketing & Management