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CFE Grain Comments

12/11/2017

Good Morning!

Beans are leading the grains lower with improved rain chances for Argentina. Nearby Jan futures are trading at the lowest level in nearly a month while nearby Chicago wheat makes new contract lows. The outside markets are mixed with crude oil reversing earlier losses and now trading higher. Chinese ag futures were mixed to lower while Malaysian palm oil continues to trend lower on bearish production ideas.

The South American weather outlook has more rains forecasted than thought on Friday. Into the middle of this week, the southern areas of Argentina in La Pampa and Buenos Aires should see favorable moisture. The rest of Argentina and southern Brazil will remain dry this week but the 6-10 day outlook is suggesting above normal precipitation. Tropical rains continue to move across northern Brazil.

The average trade estimate for next Tuesday’s report has soybean ending stocks estimated at 438 bln. bu. versus 425 bln. in November. Corn ending stocks at 2.478 bln. bu. compared to 2.487 bln. in November and wheat ending stocks are estimated at 938 mln. bu. versus 935 mln. last month.

President Donald Trump's administration has called two lawmakers from the U.S. Corn Belt to convince them to join talks about potential changes to biofuels policy to ease the burden on oil refineries. The move is a sign Trump is seeking to mediate the long-running dispute between the U.S. oil industry and the Renewable Fuel Standard.

Have fun and as always be safe!
 

This Marketing Information provided by

Wayne Kollis - Melissa Peters - Mike Rosenberg - Matt Zeman
 

@CZ7
@CZ7
CORN
Last High Low Change Last Updated  
Dec '17 3.3600 3.3650 3.3600 -0.0050 12/12/17 3:48 AM
Mar '18 3.4950 3.4975 3.4900 0.0050 12/12/17 3:48 AM
May '18 3.5775 3.5800 3.5750 0.0050 12/12/17 3:48 AM
Jul '18 3.6600 3.6625 3.6575 0.0025 12/12/17 3:48 AM
Sep '18 3.7350 3.7350 3.7300 0.0050 12/12/17 3:48 AM
SOYBEANS
Last High Low Change Last Updated  
Jan '18 9.8225 9.8625 9.7875 -0.0025 12/12/17 3:48 AM
Mar '18 9.9350 9.9775 9.9050 -0.0050 12/12/17 3:48 AM
May '18 10.0475 10.0875 10.0150 -0.0050 12/12/17 3:48 AM
Jul '18 10.1400 10.1775 10.1100 -0.0050 12/12/17 3:48 AM
Aug '18 10.1500 10.1825 10.1500 -0.0075 12/12/17 3:48 AM
SOYBEAN MEAL
Last High Low Change Last Updated  
Dec '17 325.0 326.3 325.0 -1.0 12/12/17 3:48 AM
Jan '18 327.0 328.4 326.0 -0.7 12/12/17 3:48 AM
Mar '18 331.2 332.5 330.1 -0.6 12/12/17 3:48 AM
May '18 333.5 334.7 332.4 -0.5 12/12/17 3:48 AM
Jul '18 335.7 336.6 334.5 -0.4 12/12/17 3:48 AM
LEAN HOGS
Last High Low Change Last Updated  
Dec '17 63.600 64.050 63.525 -0.075 12/11/17 4:10 PM
Feb '18 67.025 69.125 66.925 -1.825 12/11/17 3:11 PM
Apr '18 71.825 73.300 71.775 -1.300 12/11/17 4:10 PM
FEEDER CATTLE
Last High Low Change Last Updated  
Jan '18 145.450 146.275 144.450 0.225 12/11/17 4:09 PM
Mar '18 143.325 144.350 142.550 0.000 12/11/17 4:09 PM
Apr '18 143.450 144.500 142.850 -0.200 12/11/17 4:09 PM
LIVE CATTLE
Last High Low Change Last Updated  
Dec '17 115.175 116.150 115.075 -0.400 12/11/17 1:05 PM
Feb '18 117.725 118.875 117.575 -0.575 12/11/17 4:10 PM
Apr '18 119.625 120.375 119.450 -0.575 12/11/17 4:10 PM
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