Daily Market Highlights

Transcription

1 Daily Market Highlights Click below to see the Daily Commentary PDF version Wednesday, November 2, 2016 Hogs: Today's Markets: Dec 16 LEAN HOGS $ Slaughter 440,000 Feb 17 LEAN HOGS $ Last Week 442,000 Last Year 434,000 Western Cash $44.56 (0.33) WTD 900,000 Carcass Cutout $ WTD Last Wk 885,000 CME Index $51.05 (0.17) WTD Last Yr 867,000 Lean Hogs are trading higher. With weekly slaughter levels, already approaching packer capacity, it may be difficult for the market to quickly clean-up any backed-up hogs from the country due to flooding issues last week. Traders will monitor the weekly average weight data this week but the problem is that the data is for Iowa/Minnesota and will not tell us much about North Carolina. Talk of record or near record weekly production this week helped to spark a sharp sell-of after the slightly lower opening yesterday. Dec 16 Hogs: Technicals Support Resistance Dec Hogs

2 Grains: Today's Markets: Dec 16 CORN $3.49 $0.00 Upcoming Reports Mar 17 CORN $3.58 $0.00 WASDE 9-Nov May 17 CORN $3.65 $0.00 Nov 16 SOYBEANS $9.82 ($0.03) Jan 17 SOYBEANS $9.92 ($0.01) Mar 17 SOYBEANS $9.99 ($0.01) Grains are trading lower. US Dollar is lower. Gold is higher. US Fed factor? Overnight there was a private est of the US 2016 corn and soybean crop that was up from their Oct est and above USDA Oct est. FC Stone est the U.S. soybean yield at 52.8 bpa versus 52.5 previously and versus the current USDA forecast of 51.4 bpa (FC put the bean crop at bil bu versus the USDA estimate of 4.269). Yields jumped from USDA in WI, MN, IA and ND. FC Stone est US corn yield of bpa versus a previous forecast of and versus the current USDA forecast of bpa (FC has a corn crop of bil bu versus the USDA estimate of bil). Yields jumped from USDA in WI, MN, ND, SD and MO but dropped in OH, IN, and NE. They are estimated to be net long 75,600 soybeans, short 4,000 soymeal, long 103,000 soyoil, short 83,100 corn and short 133,000 wheat. 2 week South America forecast suggest normal weather. Dec 16 Corn Technicals Support Resistance Dec Corn Nov Beans Dec Meal

3 Nov 16 Soybeans Cattle: Today's Markets: Dec 16 LIVE CATTLE $ (0.05) Slaughter 115,000 Feb 17 LIVE CATTLE $ Last Week 114,000 Last Year 111,000 Choice $ WTD 231,000 Select $ WTD Last Wk 228,000 CME Index $ WTD Last Yr 221,000 Live Cattle are trading lower. A general sense that the improving beef market in a period of a very active slaughter pace, plus the possibility of tighter supply ahead were key factors to support the strong rally yesterday. With packer margins, very strong, traders see the potential for cash to trade steady this week and higher into mid-november. Talk that the slaughter pace was very high last week and gain on Monday and that beef prices were still able to rally during this period helped to support the active buying. Dec 16 Cattle Support Resistance Dec Cattle

4 Weather:

5 Economy: Nov 16 Crude

6 Dec 16 US Dollar Dec 16 US Dollar $97.32 ($0.38) Dec 16 EURO FX $0.004 Dec 16 S&P 500 INDEX ($2.100) Dec 16 DOW JONES $17, ($7.00) Nov 16 ETHANOL $1.64 $ Dec Crude Oil $45.87 ($0.80) 17-Mar Crude Oil $47.64 ($0.74) 16-Dec Gold $1, $ Nov Natural Gas $2.862 ($0.040) oo Your Partner And Resource For Good Marketing Decisions For any questions please feel free to call us at (507) Copyright 2016 Professional Ag Marketing, Inc. Reproduction in any form without the expressed written consent of Professional Ag Marketing, Inc. is strictly forbidden. This data is provided for information purposes only and is not intended to be used for specific trading strategies without consulting Professional Ag Marketing Inc. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Past results are no indication of future performance. All information is based upon data that is believed to be reliable, but its accuracy is not guaranteed.