Top Farmer Midday Update 1-14-2021

CORN

  1. Mar up 7 @ 5.31 & Dec up 3 @ 4.56
  2. Export net sales of 1.437M mt – up 92% from last week
  3. Argentina still looks okay for this week, but next week hotter weather is expected
  4. Funds net buyers of 20K contracts & O/I +16000 contracts
  5. Outlook for better demand & smaller production supports prices
  6. Argentine farmers finally end strike after gov’t lifted caps & bans

SOYBEANS

  1. Jan up 2 @ 11.13, Mar up 21 @ 14.27, Nov up 21 @ 11.96
  2. Most of Brazil’s most important grain areas will receive rain at one time or another this week
  3. Funds net sellers of 8K contracts & O/I +2500 contracts
  4. Export net sales of 908,00 MT
  5. Despite the palm oil futures gapping lower, soybeans & meal push back and rally through
  6. Brazil Ag agency puts Brazil’s crop at 133.7 mmt vs USDA’s 133 mmt

WHEAT

  1. Mar up 11 @ 6.72, Mar KC up 11 @ 6.36, Mar MNPLS up 11 @ 6.47
  2. Export net sales of 221,900 mt – down 19% from last week
  3. Winterkill is not much of a threat to the US for next 10 days & S. Russia getting snow/moisture
  4. Funds net sellers of 4K contracts SRW wheat & O/I +2700K contracts & HRW -1100 contracts
  5. Argentina raised wheat crop to 17 mmt – still 500K mt lower than USDA
  6. Paris Milling futures & EU prices continue to pull on US wheat prices

CATTLE

  1. Feb LC down 0.40 @ 111.85 & Jan FC down 0.92 @ 132.65
  2. Export net sales of 16,800 MT – primarily exported to Japan & S. Korea
  3. Markets down as traders continued concern over production costs, demand, cash values
  4. Today’s slaughter est. at 116K head
  5. Cash trade still developing around 108/109 LC & @ 135.05, down 0.18 for 1/12 for FC cash index
  6. O/I: -8817 contracts for Feb LC & O/I: -396 contracts for Jan FC

HOGS

  1. Feb Hogs down 0.10 @ 66.72 & Feb Pork Cutouts down 0.20 @ 77.60
  2. Export net sales of 23,800 MT – primarily to Mexico
  3. Futures continue to struggle as 15 per cwt loss saw in pork bellies yesterday
  4. Lack of strong export demand from China continues to pressure futures
  5. Hog slaughter estimated at 93K & Saturday runs are expected near 256K head
  6. Cash lean index @ 65.48, up 0.99 for 1/12
  7. O/I: -7195 positions for hogs & pork cutout futures -40 positions




Market Commentary provided by:

Total Farm Marketing
137 South Main Street, West Bend, WI 53095
Phone: 800-334-9779
E-mail: Matt@TotalFarmMarketing.com
Web: www.TotalFarmMarketing.com