Corn – Friday’s exports are expected slow keeping resistance on corn, tariffs were the talk yesterday
↓ Trade will expect a slowdown in the weekly export report on Friday, causing light pressure
↓ Adding more pressure yesterday was seeing Trump talk about new 25% tariffs on Mexico/Canada products, that sparked concern in corn that Mexico (our #1 buyer) may retaliate and slow their buying
↑ In March 430 was taken out yesterday but was still an area that saw improved support
↑ Next month’s December crop report won’t likely make many changes but could serve as a reminder how under priced corn/beans are right now, it could be lightly supportive without changing anything
Beans – Exports will be strong to very strong Friday, dollar easing slightly may offer small support
↑ From last week’s streak of 8 AM sales we already know to expect Friday’s weekly number to be strong to very strong, last week was strong at 1861K and Friday could easily be 2000K+
↑ The dollar may have a small impact on soybean trade, if it moves lower it may ease some export fears
↔Friday was our last 8 AM sales report for beans, not that long ago but if we see another gap in 8 AM reports it would likely bring back slowed export concern, much of which is still priced in
↓ SA weather still has no changes, still solid rains for all growing areas
Wheat – Strong GTE could have lasting impact, dollar slightly lower again, exports expected moderate
↓ The strong GTE rating on Monday could cause lasting light resistance all winter, going into dormancy at 6 year high GTE ratings causes most to spend all of winter feeling positive about the upcoming crop
↑ Dollar slightly lower, only a 3 day pullback so far but worth keeping watch on
↔Exports Friday are expected moderate around 300K, last week was strong at 550K
Cattle – BB recovers again, no cash bids seen yet, spike higher on open then easing is the pattern
↔Yesterday’s PM BB was choice +1.86 select +1.75 packer BE at 185.25, packer cushion -$0.12
↑ Tariff talk over Canada and Mexico yesterday caused feeder support again, the prime concern is that it will be tougher to get feeder cattle numbers in an already low head count scenario
↔BB has recovered again but taking packer profits to near $0 is still not highly encouraging
↑↓ The recent pattern is to see cattle spike higher on the opening then spend the rest of the day easing back from that spike, this is especially true for live cattle
↓ Feb live cattle finished Friday priced at 188.20, it finished yesterday at 187.70, through all the panic talk recently causing spikes higher, the trend so far this week for Feb live is a slow grind lower