By: Dan Hueber –
While I would like nothing more than to present you with a gift of positive news for the grain and soy markets on this last morning of trade before Christmas but alas, there is little to be found. It is not exactly that we should be expecting Krampus to come knocking on our doors instead of Father Christmas this year but I am afraid the gifts are a bit on the sparse side nevertheless. I do see an announcement for the sale of another 101,800 MT of corn to unknown destinations but markets greeted that pretty much with a yawn. Currently we have everything in the grain and soy complex a bit softer with the only exception being bean oil. Macros are generally mixed with crude soft, gold higher, equities a smidge lower and the dollar a smidge higher. If I did not know any better, I would think that most of the trade is more concerned with wrapping up (no pun intended) the week and rushing out to complete last minute Christmas preparations than they are about placing the next trade.
For those still hanging around this afternoon, the estimates for the livestock reports are as follows; Cattle on Feed on December 1st at 99%, placement at 112% and marketing’s at 116%. For the quarterly Hog and Pigs report the trade is expecting all hogs and pigs to be at 101.7% of last year, kept for breeding at 100.2% and kept for marketing at 102%. The Sept-Nov pig crop is estimated to have been 101.5%, the Dec-Feb farrowing intentions at 99.6% and the Mar-May at 100.5%.
As I said previously, I was not able to offer you much of a market gift this morning but I certainly can wish you all a Very Merry Christmas and look forward to communicating, and hopefully bringing you joy and good news again next week and next year!