AgriVisor Afternoon Marketwatch

Tuesday, November 24, 2015
***** Corn futures closed 3-4 lower; soybeans mostly fractionally changed; and Chicago wheat 9-10 lower. ***** 

   # Markets will have normal hours tomorrow, but won’t open until 8:30 am on Friday, and will close at 12:30 pm.
   # Argentine news continues to dominate the market action.  Today, more of the attention was on the corn/wheat than on soybeans(check our website for a summation).  Tuesday, more of the talk centered on the possibility lower export taxes and the end of export quotas could shift planting from soybeans to corn wheat.  At the moment though, there’s little certainty as the new President isn’t sworn in until Dec. 10, and all of the policies cannot be unwound immediately    
   # The unwinding of policies may have hit wheat unfairly though as increased production will not come until the next harvest at the end of 2016.  And this year’s crop was hit by acreage and weather constraints, enough that it will force Brazil to import wheat from outside S. America.
   # Macri did deny that he would eliminate export taxes on soybeans for a 90-day period to help clear old-crop soybean inventories.  That was a part of the early strength in the soy complex Tuesday.
   # The Dollar eased slightly Tuesday, with some uncertainty about the pace of Fed Reserve rate increases.  The trade has largely factored in a December increase, but aren’t certain what comes after, especially given generally benign inflation. There’s some talk circulating the Fed increase may keep the ECB from easing their policy at their December meeting. 
   # Strength in our energy market helped buoy our stock market, along with the Turkey shooting down a Russian fighter plane.  But like other markets, the volume appears to have slowed as the day progressed with the holiday looming.
***** Live cattle finished $1.92 to $1.17 lower; feeders were $0.72-$0.47 lower; with lean hogs $0.77 to $0.35 lower.  ***** 

   # Wholesale meat demand has picked up somewhat with retailers looking ahead to post-Thanksgiving.  Beef prices were $1.02-$1.19 higher, with the pork cutout $1.32 higher.  
   # Live markets for cattle and hogs were a little softer with the Thursday holiday cutting into demand for live animals this week.