|Hogs: Afternoon Comments (Monday, November 30, 2015 19:53:30)
Lean hog futures were mixed Monday after stabilizing in last Friday’s light post-Thanksgiving session. The discount of the lean hog index to futures weighed on nearby contracts with February and April both lower while ideas of lower supplies in the longer term, as evidenced by lower October frozen inventories, supported the deferred months. Country hogs were lower by 0.18 to 50.72. Hog slaughter for the week so far was estimated at 438,000 head, compared to 440,000 last week and 431,000 a year ago. February hog futures were down 0.92 cents to 58.72 cents/pound at the close Monday, and April hogs fell 0.32 cents to 61.47 cents/pound.
|Soybeans: Afternoon Comments (Monday, November 30, 2015 19:48:04)
Soybean futures strengthened Monday as the Jan contract broke above the 50-day moving average of 8.80, a key resistance. Even so, today marks the fifth straight losing month. Argentina’s newly elected government plans to cut the 35% soybean export tax by 5% on Dec 10, their first day in office. Soy grower Los Grobo sees Argentine grain output growing by 50% in the next three years. Weekly soybean export inspections were reported at 1.835 million tonnes, compared to the estimate of 1.45 to 1.75 million. USDA NASS will release their October crush report at 2pm CST Tuesday. Due to rains caused by El-Nino, the number of soybean rust fungus cases in Brazil has nearly double from a year ago, mostly in the southern states of Rio Grande do Sul and Parana. January soybeans were 8.75 cents higher to $8.81 per bushel Monday, while Jan soyoil climbed .31 to 29.39 cents per pound and January meal gained $1.6 to $285.30.
|Corn: Afternoon Comments (Monday, November 30, 2015 19:47:51)
Corn futures firmed Monday despite the dollar nearing 13-year highs. March corn traded through the 3.73 resistance level before closing at 3.72. Corn export inspections came in at 298,692 tonnes, compared to the expected 450,000 to 650,000 tonnes. Ethanol stocks for the week ending Nov 20 were 19.6 million barrels, 2% higher than the previous week and 15% higher than a year ago. Ethanol production increased to 1,008 million barrels per day (bpd), higher than the 975 million the previous week and 982 a year ago. Argentina’s ag minister Buryaile, designated by president-elect Mauricio Macri, stated the new administration will abolish the 20% corn export tax on Dec 10, 2015, the first day they take office. March corn futures were 5 cents higher to $3.7225 Monday, while May gained 5 cents to $3.78.
|Wheat: Afternoon Comments (Monday, November 30, 2015 19:48:18)
Wheat futures were mixed Monday with Chicago wheat near three-month lows, pressured by a strong dollar, while KC and Minn wheat traded higher. Wheat export inspections for the week ending Nov 26 were 275,736 tonnes, lower than the expected 200,000-400,000 tonnes. The Canadian crop production report will be released Friday at 7:30 a.m. CST. Argentina’s ag minister Buryaile, designated by president-elect Mauricio Macri, stated the new administration will abolish the estimated 23% wheat export tax on Dec 10, 2015, the first day they take office. March CBOT wheat futures lost 3.5 cents to $4.755 /bushel Monday, while Mar KC wheat lifted 7.25 cents to $4.7275, and March MWE climbed 1.5 cents to $5.08.
|Cotton: Afternoon Comments (Monday, November 30, 2015 20:16:15)
ICE cotton futures were lower Monday, pressured by a surging dollar. March cotton traded above the 200-day moving average earlier in the day before closing below the 100-day, falling 2% at the close. Texas, the largest cotton producing state in the U.S., was at 60% harvest completion compared to 56% last week and the 75% five-year average. The recent cotton crop progress report, for the week ending Nov 22, also showed the U.S. total cotton harvest at 70% completed, compared to 64% last week and the 82% five-year average. Mar cotton lost 1.24 cents to 62.69 cents/pound Monday, while May cotton slid 1.07 cents to 63.49.