SRW Wheat Futures Sink Near 3-Month Low
Corn: December corn fell 8 1/4 cents to $6.59 1/2, while March corn fell 6 1/2 cents to $6.63 1/2, a one-week low. Corn futures came under pressure overnight as the U.S. dollar strengthened sharply and rising Covid cases in China stoked concern over demand.
Soybeans: January soybeans rose 8 1/2 cents to $14.36 3/4, after dropping as low as $14.17 3/4 earlier today. January soymeal rose $1.90 to $408.00. January soyoil rose 12 points to 70.73 cents. Soybeans erased overnight declines to end higher as firm demand fundamentals and continued dryness in Argentina encouraged buyers.
Wheat: March SRW wheat fell 3 3/4 cents to $8.18 1/4, the lowest close since Sept. 1. March HRW wheat fell 1 cent to $9.22 3/4. March spring wheat fell 5 cents to $9.53 3/4. Winter wheat futures extended last week’s slide as a surging dollar fueled pessimism over export demand. Late today, USDA reported 32% of the U.S. winter wheat crop in “good” or “excellent” condition as of Sunday, unchanged from a week earlier and one percentage point below analysts' expectations.
Cattle: February live cattle rose 87.5 cents to $156.725, the contract’s highest close since Oct. 27. January feeder cattle rose $1.85 to $182.625, the highest close since Sept. 20. Live cattle extended last week’s gains as bullish USDA feedlot data underscored a tight supply and firm cash outlook.
Hogs: February lean hogs rose $60 cents to $90.15. February lean hogs were supported by chart-based buying and spillover strength from the cattle market. Cash fundamentals remained soft. The CME lean hog index fell 37 cents to $87.77 (as of Nov. 17), the lowest level since February.