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Corn futures saw gains of 1/4 to 1 1/4 cents on Friday, as Dec gave back last week’s gains, down 1.38% for the week. The weekly Commitment of Traders report showed spec traders continuing to reduce their net short position by another 36,244 contracts last week. Their CFTC net short position was at -160,519 contracts in corn futures and options as of last Tuesday. Ahead of next Tuesday’s USDA supply and demand report, analysts are expecting to see Brazil production trimmed nearly 1.74 MMT from November to 93.26 MMT. These assumptions are mostly based on lower planted acreage.
Dec 17 Corn closed at $3.40, up 1 1/4 cents,
Mar 18 Corn closed at $3.52 3/4, up 1 1/4 cents,
May 18 Corn closed at $3.61, up 1 cent
Jul 18 Corn closed at $3.69 1/4, up 3/4 cent
Soybean futures were 1/2 to 2 3/4 cents lower to end the week. Private export announcements were offset by ideas that South American producers could switch corn acres to soybeans. December meal was down $3.50/ton, with nearby bean oil 29 points higher. Soy Meal was up 0.55% with soybeans down 0.45% and bean oil down 0.18%. The USDA reported private export sales of 268,000 MT of soybeans to China for 17/18 delivery through their daily reporting system. They also announced an additional 129,000 MT sold to Unknown Destinations with 63,000 MT for 17/18 and 66,000 MT for 18/19 delivery. Managed money was seen as adding 21,472 contracts to their CFTC net long position in soybean futures and options in the week ending 12/5. That position was at 53,134 contracts. Safras and Mercado estimate that 26.7% of the 17/18 Brazilian soybean crop is forward sold compared to the average of 33%.
Jan 18 Soybeans closed at $9.89 3/4, down 2 1/4 cents,
Mar 18 Soybeans closed at $10.01 1/2, down 2 3/4 cents,
May 18 Soybeans closed at $10.12 1/4, down 2 1/2 cents,
Aug 18 Soybeans closed at $10.22, down 2 cents,
Dec 17 Soybean Meal closed at $330.00, down $3.50,
Dec 17 Soybean Oil closed at $33.54, up $0.29
Wheat futures closed the Friday session with most CBT and KC contracts 2-4 cents lower, as a few MPLS contracts were fractionally higher. Nearby Chicago futures lost 5.43% on the week, with Dec KC wheat down 4.7% since last Friday. The Friday Commitment of Traders report showed the spec traders reducing their net short Chicago wheat positions by 3,993 contracts in the week ending last Tuesday. They were net short 118,781 contracts at that time. The Argentine wheat harvest was estimated at 44.7% complete by BAGE on Thursday. Japan purchased 154,694 MT from Australian, Canada, and the US in this week’s MOA tender, with 64,495 MT US origin.
Dec 17 CBOT Wheat closed at $3.92, down 2 1/4 cents,
Dec 17 KCBT Wheat closed at $4.00 3/4, down 2 1/4 cents,
Dec 17 MGEX Wheat closed at $5.97 3/4, down 1 cent
Live cattle futures saw most contracts 5 to 47.5 cents lower today, with a couple back months higher. Feeder cattle futures were down 67.5 cents to $1.175 on the day, as Jan feeders lost 3.39% over the week. The CME feeder cattle index on December 7 was down 61 cents to $154.40. Wholesale boxed beef values were higher on Friday afternoon. Choice was up 51 cents at $205.59, with select $2.14 higher at $185.97. Estimated WTD FI slaughter is at 633,000 head through Saturday, 8,000 head fewer that last week but 25,000 head larger than the same week last year. Cash trade this week fell $3-4 to $117, as a few sales of $118 were reported earlier in the week. Spec funds in cattle futures and options lowered their net long position by 3,073 contracts to 117,010 contracts as of Tuesday.
Dec 17 Cattle closed at $115.575, down $0.050,
Feb 18 Cattle closed at $118.300, down $0.375,
Apr 18 Cattle closed at $120.200, up $0.100,
Jan 18 Feeder Cattle closed at $145.225, down $1.100
Mar 18 Feeder Cattle closed at $143.325, down $1.175
Apr 18 Feeder Cattle closed at $143.650, down $0.975
Lean hog futures ended the week with gains of 10 to 97.5 cents, while Dec fell 2.45% on the week. The CME Lean Hog Index for 12/6 was up 45 cents to $65.30. The USDA pork carcass cutout value was 52 cents higher at $83.70 in the Friday afternoon report. The rib and belly were the only primals lower. The national base hog price was 10 cents lower at $59.10. The USDA FI hog slaughter is estimated at 2,313,000 head through Saturday. That is up 23,000 head from the previous week and 124,000 head more than last year.
Dec 17 Hogs closed at $63.675, up $0.100,
Feb 18 Hogs closed at $68.850, up $0.375
Apr 18 Hogs closed at $73.125, up $0.725
Cotton futures finished the week with 20 to 51 points losses on Friday. A little pressure came from a stronger US dollar. Managed money spec traders climbed back to their largest net long position since mid May at 82,409 contracts. That was an increase of 11,681 contracts over the week that ended 12/5. The USDA Ag Attach in China expects the country to show 5.4 MMT in 17/18 production, with total usage running at 8.5 MMT. They are also shown as importing 1.3 MMT, an increase of 0.2 MMT from 16/17. The USDA Adjusted World Price (AWP) was updated to 65.03 cents/lb, up 81 points from the previous week. Online cash sales rose to 23,591 bales reported on the Seam, as prices were up 64 points to 69.90 cents/lb. The Cotlook A index was up 25 points from the previous day on December 7 to 83.20 cents/lb.
Mar 18 Cotton closed at 73.720, down 51 points,
May 18 Cotton closed at 74.200, down 44 points
Oct 18 Cotton closed at 73.020, down 24 points
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