Evening Report | November 25, 2022
Corn: March corn futures rose 4 1/4 cents to $6.70 1/2, nearer the session high after marking a low at 6.64 1/4. Corn extended Wednesday’s gains despite an overall neutral to bearish tone in the grain complex and little support from the outside markets as crude oil futures fall and the U.S. dollar traded marginally lower.
Soybeans: January soybeans fell 2 1/2 cents to $14.33 1/2, nearer the session low after trading as high as $14.48. January soymeal fell $1.00 to $406.40. January soyoil fell 55 points to 71.65 cents. Soybeans began the session higher on waning South American crop prospects amid extended dryness in Argentina and portions of Brazil but ended the session slightly lower on demand concerns as China is facing one of its biggest Covid-19 outbreaks.
Wheat: March SRW wheat fell 20 3/4 cents to $7.92 3/4 after marking a session high at $8.20 1/4. March HRW wheat fell 9 1/2 cents to $9.10 1/4. March spring wheat fell 2 3/4 cents to $9.49 1/2. The wheat complex erased early gains and fell under pressure with SRW wheat futures dropping to their lowest level since late Aug.
Cotton: March cotton fell 273 points to 80.17 cents. Cotton fell under pressure from outside markets as crude oil futures traded lower on looming demand concerns along with paltry weekly export sales data which revealed net cancellations of 116,428 RB for week ended Nov. 17.
Cattle: February live cattle fell $0.30 to $155.125. January feeder cattle fell $0.5750 to $178.675. Live cattle edged lower despite strong cash trade on Wednesday, however weekly export sales were a mild 12,886 MT for week ended Nov. 17, a 4% drop from the previous week.
Hogs: February lean hog futures fell $0.35 to $88.45, closing lower for the third consecutive session. The CME lean hog index continues to meet seasonal pressure as slaughter is on the rise, albeit behind year-ago levels; with anticipation of a seasonal low in the index and nearby futures will be posted soon.
