After disappointing weekly export numbers, the corn market looks ahead to upcoming USDA reports.
For the year, February 2018 live cattle futures will end 2017 at prices 4% over the end of 2016 price for the 2017 February contract.
We have only sold 67% of USDA’s whole-year soybean export goal by this point.
Though we don’t like trading seasonals blindly, we can’t ignore that this renewed bear focus for cattle does fit with the “norm” for this time.
The USDA will be releasing its December monthly supply/demand report on Tuesday (WASDE).
We would recommend producers sell the carry anytime beans are over $10.00.
The trading range in December is getting even smaller than what it has been
Cash hogs, as measured by the Lean Hog Index, are now at $69.
December corn futures will have a hard time separating far from $3.50 per bushel until a larger-scale piece of news is seen.
Soybeans ended the week on a bullish note as follow-through buying from yesterday continued Friday.