Corn Closes with Slight Weakness on Friday

Soybeans were pressured for much of the week with weaker product values, but managed to close Friday with gains of 1 ¼ to 7 cents. January was still down 15 cents since last Friday’s close. CmdtyView’s national front month Cash Bean price was up 5 3/4 cents at $9.33. Soymeal futures were up $1.50 to $2.70/ton across the board, to help ease the week’s losses to just 40 cents for December. Soy Oil futures were down 29 to 46 points at the close, with December down 358 points since last Friday.

USDA reported a private export sale of 198,000 MT of 2024/25 soybeans this morning to unknown destinations.

CFTC’s Commitment of Traders report indicated soybean spec traders adding back 13,165 contracts to their net short position as of Tuesday, to 67,701 contracts. Commercials were trimming their net short by 13,976 contracts to 30,200 contracts as of 11/19. In soybean meal, the large spec funds were net short 63,700 contracts, a near record and increase of 36,069 contracts on the week.

The weekly Export Sales report has the MY soybean shipments at 17.395 MMT, 12% above a year ago and 35% of USDA’s full year 1.825 bbu projection vs. the 32% average pace. Commitments are now 31.584 MMT, 9% above the same week last year. That is 64% of the USDA projection, behind the 67% average pace.

Jan 25 Soybeans closed at $9.83 1/2, up 5 3/4 cents,

Nearby Cash was $9.33, up 5 3/4 cents,

Mar 25 Soybeans closed at $9.92 1/4, up 7 cents,

Jul 25 Soybeans closed at $10.18 1/4, up 6 3/4 cents,

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.

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The wheat complex closed with losses across the board on Friday. Chicago SRW futures were down 3 1/4 to 4 3/4 cents across the board on the day, with December still up 7 ¾ cents on the week. KC HRW contracts posted 1 ¼ to 2 ½ cent losses across most contracts on Friday, with December 14 ¼ cents higher on the week. MPLS spring wheat was down fractionally to 2 1/4 cents on the Friday session, with Dec up 13 ¾ cents for the week. December wheat options expired today, with first notice day next Friday. The US dollar index is extended its strength to 2-year highs to add some pressure.

CFTC’s Commitment of Traders report tallied managed money in Chicago wheat at a net short 51,546 contracts, an increase of 6,239 contracts on the week. In KC, the were net shoer 29,375 contracts, a 4,277 jump since the previous Tuesday. For MGE spring wheat, they were near a record net short, at 30,002 contracts, an additional 7,578 contracts from the week prior.

Export Sales data released on Thursday tallied marketing year wheat and product shipments at a 32% increase yr/yr at 10.078 MMT. That is 44% of USDA’s projected total for the MY, lagging the 47% average pace. Total commitments are now 14.939 MMT, which is 23% above a year ago, and 67% of the USDA number, slightly behind the 69% average pace.

The French soft wheat crop is listed at 90% planted, up from the 78% in the week prior and 73% from the same week last year. The crop was listed at 88% in good or excellent condition, up from the 83% last year.

Dec 24 CBOT Wheat closed at $5.44 1/4, down 4 1/2 cents,

Mar 25 CBOT Wheat closed at $5.64 3/4, down 4 3/4 cents,

Dec 24 KCBT Wheat closed at $5.54 1/4, down 1 1/4 cents,

Mar 25 KCBT Wheat closed at $5.65 1/2, down 1 3/4 cents,

Dec 24 MGEX Wheat closed at $5.86, down 2 cents,

Mar 25 MGEX Wheat closed at $6.01 1/2, down 3/4 cent,

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.

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Live cattle futures posted gains of 22 cents to $1.175 on Friday, led by Dec to keep up with cash. On the week, the contracts was up $3.825. Cash trade settled in this week at $186-188, with most trade hovering at $187. The Central Stockyards Fed Cattle Exchange online auction showed sales of 587 head on the 2,344 head listed on Friday morning. Sales were $187-187.50 live, with additional sales of $187 and $189 using their BidTheGrid™ method. Feeder cattle posted 625 cent to $1.30 gains on Friday. Jan was up $7.07 on the week. The CME Feeder Cattle Index was up 27 cents at $254.54 on November 21.

The Friday afternoon Cattle on Feed report showed October placements a 2.286 million head, up 5.35% vs. a year ago and above the average trade estimate of a 3.8% hike. October marketings were up 4.65% at 1.845 million head and below the +5.2% trade average guess. November 1 on feed inventory came in at a record for the month at 11.986 million head, a 0.25% increase from last year, compared to the 0.1% drop expected.

Commitment of Traders data showed spec funds in live cattle futures and options adding 5,098 contracts to their net long at 108,415 contracts as of November 19. Managed money in feeder cattle added 1,608 contracts to their net long at 13,667 contracts as of Tuesday.

Accumulated beef exports via the Export Sales report have totaled 698,723 MT, which is down 2.36% from last year. Total commitments by adding in unshipped sales are up 0.9% at 829,337 MT.

USDA wholesale Boxed Beef prices were mixed in the Friday PM report. Choice boxes were up 62 cents to $307.41/cwt, with Select 85 cents lower @ $272.07. The Chc/Sel spread widened to $35.34. USDA estimated this week’s federally inspected cattle slaughter at 631,000 head through Saturday. That is 25,000 head above the previous week and well above the same week last year due to Thanksgiving being a week later this year.

Dec 24 Live Cattle closed at $186.775, up $1.175,

Feb 25 Live Cattle closed at $188.200, up $0.775,

Apr 25 Live Cattle closed at $189.950, up $0.425,

Jan 25 Feeder Cattle closed at $254.300, up $0.850,

Mar 25 Feeder Cattle closed at $253.125, up $1.025,

Apr 25 Feeder Cattle closed at $254.350, up $1.225,

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.

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Lean Hog futures posted gains of 17 cents to $1.02 on Friday, as Dec was up $2.175 on the week. The national average base hog negotiated price was reported at $82.72 on Friday afternoon. The CME Lean Hog Index was reported at $87.44 on November 20, down another 39 cents from the previous day.

Commitment of Traders data showed spec traders in lean hog futures and options trimming back 5,371 contracts from their record net long to 115,590 contracts by November 19.

Year to date pork shipments have totaled 1.475 MT according to Export Sales data, which is up 6.2% from a year ago at the same time. Adding in unshipped sales for the total commitments show 1.654 MMT, which is 1.1% larger than last year.

USDA’s FOB plant pork cutout value reported back lower on Friday afternoon, down $1.30 at $91.77 per cwt. The picnic primal was reported higher by 2.83, with the others down in a range of 74 cents to $6.68, led by the rib. USDA estimated the weekly FI hog slaughter at 2.565million head. That is 73,000 head below last week but well above the same (Thanksgiving) week last year.

Dec 24 Hogs closed at $81.675, up $0.875,

Feb 25 Hogs closed at $85.675, up $1.025

Apr 25 Hogs closed at $89.825, up $0.900,

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.

• Where are Animal Protein Prices Heading as the Offseason for Demand Approaches?
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Cotton futures were up 13 to 34 points to close out Friday, as March was up 186 points this week. The outside markets were mixed, as the US dollar index was up 525 points and the highest 2 years. Crude oil futures were up $1.09/barrel.

Cotton Ginnings data from NASS indicated a total of 2.157 million RB of cotton ginned in the first 2 weeks of November to the 15th, taking the marketing year total to 6.852 million RB. That is up 20% from the same point last year.

Friday’s Commitment of Traders report short specs adding a massive 22,136 contracts to their net short as of November 19 to 35,987 contracts.

Export Sales data showed 2024/25 upland cotton shipments totaling 1.858 million RB for the marketing year, 17% below last year and just 18% of the full year USDA export forecast (22% normally). Commitments, including shipped and unshipped sales, are 6.364 million RB, a 16% drop from last year. That is 60% of USDA’s number, behind the 68% average export sales pace.

The Seam reported 12,433 bales of online sales on November 21 at an average price of 69.57 cents/lb. ICE cotton stocks were unchanged again on Wednesday, at 13,274 bales of certified stocks. The Cotlook A Index was up 100 points on 11/21 at 80.70 cents/lb. The USDA Adjusted World Price (AWP) was lowered by 229 points on Thursday afternoon to 55.91 cents/lb.

Mar 25 Cotton closed at 70.77, up 34 points,

May 25 Cotton closed at 71.89, up 24 points,

Jul 25 Cotton closed at 73, up 20 points

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.

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WINNIPEG, Manitoba--The ICE Futures canola market moved lower for the fourth straight session, retreating from overnight advances to hit its weakest levels in two months.

Chicago soyoil, European rapeseed and Malaysian palm oil futures were all weaker Friday, which weighed on the Canadian oilseed.

Bearish technical signals contributed to the declines, as speculators were thought to be back adding to their large net short positions.

However, the underlying fundamentals remain supportive for canola, and scale-down end-user demand helped temper declines.

Weekly Canadian canola exports of 189,500 metric tons were down 28% from the previous week, although crop year-to-date movement at 3.6 million tons was roughly double last year's level.

An estimated 54,439 contracts traded on Friday, which compares with Thursday when 68,773 contracts traded.

Spreading accounted for 32,374 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

Contracts Prices Change

   Jan        592.20  dn 2.80 
   Mar        605.50  dn 2.70 
   May        614.50  dn 3.40 
   Jul        618.10  dn 4.30 
 

Spread trade prices are in Canadian dollars and the volume represents the number of spreads:

 
   Contracts  Price                      Volume 
   Jan/Mar    12.70 under to 14.00 under 7,553 
   Jan/May    21.50 under to 23.40 under   178 
   Jan/Nov     3.50 over to 1.30 under      40 
   Mar/May     8.50 under to 10.20 under 4,494 
   Mar/Nov    15.20 over                     5 
   May/Jul     2.70 under to 5.00 under  2,820 
   May/Nov    24.90 over                     1 
   Jul/Nov    29.50 over to 25.40 over   1,096 
 

Source: MarketsFarm, news@marketsfarm.com