This week’s action:
Corn Dec up 10 @ $6.67
Beans Jan down 21 @ $14.28
KC Wheat Dec down 14 @ $9.34
Feeders Jan up 1.50 @ $180.25
Fats Dec up 1.45 @ $153.075
Hogs Dec down .75 @ $84.225
Crude Dec down 9.50!!! @ $79.53
Recap:
Ag markets finished mixed after an unexciting week of trade. As harvest is nearing completion, trade will focus its attention on export data and then the January Stocks report. The Black Sea export corridor was renewed this week which will add to export potential in Ukraine for the next 120 days. Soybeans export sales were great last week: 1.5 mmt over last year, on par with corn, and lagging in wheat. Basis levels across the Midwest remain elevated going into the end of the year.
RJO ’Brien’s Rich Feltes has some good insight on the soybean market below.
Forecast:
Outside Markets:
- (Fidelity) Average 401K balances drop below $100K (-23% vs. LY) and the rate of saving has slowed.
- (Reuters) China’s refineries added to crude oil stockpiles in October even as they increased their processing rates and boosted fuel exports to take advantage of high prices for refined products in Asian markets.
- (AAA/Opis) While the price of gasoline is up about 14% this year, diesel has climbed about 50%, to $5.35 a gallon. The gains widened the gap between the two to an all-time high of $1.61. A year ago, it was 23 cents.
Something that Probably Means Nothing:
American Farm Bureau study shows Thanksgiving dinner cost is up 20% compared to Thanksgiving 2021. I, myself, will not be helping with the cranberry demand. Have a blessed and warm Thanksgiving!