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Focus on Fed: Timing of initial rate rise

FY 2022 spending issues must be resolved by Feb. 18

USDA estimates the U.S. hog herd at 74.201 million head as of Dec. 1, down 3.111 million head (4.0%) from last year.

USDA estimates there were 11.985 million head of cattle in large feedlots (1,000-plus head) as of Dec. 1, down 51,000 head (0.4%) from both year-ago and the average pre-report estimate.

U.S. Drought Monitor shows 58% of the U.S. winter wheat crop area is covered by drought conditions as of Dec. 21.

Markets will be closed tomorrow, Putin doesn’t mention military designs in public comments and Summers warns of an economic testing period for the U.S.

Beef stocks rose contra-seasonally in November. Pork stocks declined, as is normal, but not nearly as much as the five-year average.

Soybean futures seen weaker after fading from four-month highs, corn and winter wheat also weaker.

Bullish corn, soybean traders in control as dry weather in Brazil continues