AgriVisor Morning MarketWatch

Wednesday, November 23, 2016
***** Corn futures down 3 cents; soybeans off 5 to 6; Chicago wheat lower by 3 3/4 to 5 3/4. ***** 

   # A full grain trading session today before we break for Thanksgiving and pick back up for a noon close on Friday. 
   # Higher soybean, soy product, and palm oil prices in Asia have helped to provide spillover support to the U.S. soy complex this week.  Chinese soybean crushers are moving through product quickly and palm oil stocks in Malaysia and Indonesia continue to run slim.   
   # Soybean futures are returning back inside of their Bollinger Bands after this week’s outstretched move to the upside.  $10.41 1/4 is next up to provide resistance to the nearby futures contract, being the August high that also matches up with a key retracement target.  
   # Soybean bids for delivery to river terminals and down to the Gulf dropped further on Tuesday.  Barge freight is cheap and plenty of boats are said to be loaded and ready to fill nearby commitments.  Farmers have also been unloading cash soybeans recently to help pressure basis values.  
   # Money managers are estimated net-short about 50,000 contracts of corn.  Funds are re-building a net soybean long that approaches 125,000 contracts.  The wheat short is near 125,000 contracts.  
   # Oil prices are touch lower following Monday’s sharp rally as traders go back and forth over the odds of an OPEC production deal.  The cartel will make a decision on whether or not to lower crude output targets on November 30th.  

***** Cattle futures featuring corrective technical momentum but supply-side fundamentals still burdensome; hog futures at their highest level in two months.  ***** 

   # Cold storage numbers were not friendly to beef with their featuring an October frozen pork stocks count coming in at a record 532 million pounds.  Producers looking for higher prices will have to rely on December holiday beef demand running strongly.   
   # Pork in cold storage was down from the prior month to 597 pounds.  Aggressive marketings have allowed slaughters to remain high and this winter’s peak production point has been pulled further forward than had been anticipated a few months ago.