Cotton producers: Sell order hit for 2019-crop sales… March cotton futures hit our standing order at 67.50 cents to sell another 10% of 2019-crop in the cash market. You should now have 65% of 2019-crop priced in the cash market.
Soybeans are 5 to 6 cents higher as futures are headed for the seventh gain in eight sessions.
- Chinese officials failed to commit to any specific quality or value of higher U.S. farm imports during a press conference earlier this morning.
- The officials only commit to boosting imports of energy, agricultural, pharmaceutical and financial service products; specifics were scarce.
- China’s vice agricultural minister was also clear that imports of U.S. farm products will not create shocks to the domestic markets.
Winter wheat futures are mixed to down a penny, with spring wheat up 1 to 5 cents.
Live cattle are up and making new contract highs, with feeder cattle following to the upside.
Lean hog futures are lower in the front month and moderately to sharply higher in deferreds.
- Net export sales of pork last week for delivery before Dec. 31 slipped 5% from the prior week to 29,200 MT and were 11% below the prior four-week average, USDA reported this morning. Mexico bought 13,900 MT and China bought 5,600 MT.
- Shipments last week were 38,200 MT, down 10% from the prior four-week average. China was the top destination, taking 13,900 MT last week.
- Cash hog bids were mixed yesterday, for a slight drop in the national average cash hog price.