Evening Report | November 24, 2023

Evening Report
Evening Report
(Pro Farmer)

Corn: December corn futures fell 5 1/2 cents to $4.63 1/4 in light trade, marking a 3 3/4 cent loss on the week. Impressive export sales of 1.432 MMT, which were in the upper end of expectations, failed to support futures in the shortened session. Volume was light in the session as December options went of the board, leaving room for corrective buying on Monday.

Soybeans: January soybean futures saw heavy selling for the second straight session, falling 25 3/4 cents to $13.30 3/4. That loss marked a 9 1/2 cent loss on the week, despite a rally to $13.89 1/4 mid-week. December soybean meal futures showed relative strength, though fell 70 cents to $457.4, marking a $4.1 gain on the week. December soyoil futures dropped 207 points to 51.53 cents, losing 48 points on the week. Heavy spreading action continues in the soybean complex. Prices were not supported by continued export demand, as USDA reported daily soybean sales of 129,000 MT to China and 323,400 MT to unknown destinations – all for 2023-24 delivery.  

Wheat: December SRW wheat fell 7 cents to $5.48 3/4, losing 2 cents on the week. December HRW lost 12 1/2 cents to $6.02, marking a 16-cent loss on the week. December spring wheat dropped 14 cents to $6.96 3/4, losing 18 3/4 cents on the week. Wheat exports continue to be poor, despite a daily sale earlier this week. The export situation will need to improve for a significant fundamental shift in the wheat market this fall.

Cotton: December cotton futures saw relative strength despite the weak ag complex, currently trading around 50 points higher. Prices were higher despite weakness in the crude market, though the sinking U.S. dollar index, which ended the day over 500 points lower, supported prices.

Hogs: December lean hogs fell 70 cents to $67.575, losing $3.40 on the week. Deferred contracts saw steeper losses as cash fundamentals continue to erode, as the CME lean hog index is projected to fall to $73.60 on Monday.

Cattle: Live cattle futures saw heavy selling amid light volume, with nearby December futures falling $4.225 to $170.25, marking a $5.50 loss on the week. January feeder futures fell $7.80 to $219.325, marking a $9.175 loss in the shortened week. Cash cattle trade is trending lower once again this week, with the average currently sitting at $176.99, down from last week’s average of $177.82.

 

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