DEC WHT

(Click on image to enlarge)

Ukraine was authorized to use US long-range missiles against Russia – which prompted Dec Wht to add a war premium today – bolstering the contract 12 cents! Also, the mkt was oversold from last week & global supplies are predicted at multi-year lows! And spill-over support is surfacing from the recent excellent export demand for corn & beans!

JAN BEANS

(Click on image to enlarge)

Benign South America weather & the strongest US Dollar since 12/2022 -along with a plummeting Malaysian Palm Oil – have all provided substantial headwinds to the bean complex! But today solid domestic & export demand intervened – to send the mkt to double-digit gains! This mkt action seemed to confirm the harvest lows made in late Oct & retested in early Nov! 3 Flash Sales at 8am of beans, oil & meal coupled with 10am Grain inspections of 2.165 mmt were enough to rally the mkt hard after it opened lower! Also supplying support was a record October Crush recently announced! Apparently, 4-yr lows are enough!

DEC CORN

(Click on image to enlarge)

After breaking 20 cents since early Nov, Dec Corn recovered 15 cents of that break in the last 2 mkt sessions – on the back of solid export demand – as evidenced by the multiple flash sales every week & the solid Mon Inspections & Thur Sales every week! Ethanol Demand has been excellent as well! Corn Inspections alone are running 32% over 2023 corn continues to be the cheapest globally & plentiful exports will validate that!

DEC CAT

(Click on image to enlarge)

Dec Cat – after correcting $7.00 – was the beneficiary of massive fund buying today possibly in anticipation increased holiday demand as we approach Thanksgiving & Christmas! The Trump 2500 point rally since he won – has also supported! But the strongest US dollar in 2 years has hurt exports – mitigating the up!

DEC HOGS

(Click on image to enlarge)

A bad close last week – coupled with higher production & slaughter & weaker exports foreshadowed a lower week but the mkt proved resilient today – possibly anticipating improving domestic demand into the upcoming holiday season! And pork has a natural price advantage in the supermarket – which always helps!

More By This Author:

AgMaster Report - Wednesday, Nov. 6
AgMaster Report - Wednesday, Oct. 30
AgMaster Report - Wednesday, Oct. 16