Walsh Daily Recap at Close 11/13
Walsh Daily Recap at Close 11/13
Crush
The January board crush, using December soybean oil, widened slightly to about $1.91 per bushel, up less than half a cent from Thursday. January meal gained $4.20, December soybean oil rose 35 points, and January beans gained 12½ cents. Meal accounted for about 50.7% of the product value and oil about 49.3%.
Soybeans
January soybeans settled at 12.31½, up 12½ cents, with a range of 12.18¾ to 12.40¾ and volume of 103,557. Beans recovered part of Thursday's decline as both soybean products also finished higher. USDA reported a sale of 136,000 metric tons of soybeans to China on Thursday, following additional soybean purchases by Mexico earlier in the week. The November WASDE raised projected U.S. soybean exports by 25 million bushels to 1.72 billion, while ending stocks fell to 300 million bushels.
Soybean oil
December soybean oil settled at 63.77, up 35 points, with a range of 63.33 to 64.20 and volume of 65,775. Oil recovered part of Thursday's 46-point decline. Malaysian palm oil has faced pressure from increased inventories, while China's soybean oil supplies and demand for biodiesel are still important developments for the vegetable oil market.
Corn
December corn settled at 4.45½, up 3 cents, with a range of 4.41¾ to 4.50¼ and volume of 245,686. Corn recovered part of Thursday's decline and briefly traded above 4.50. USDA reported export sales of 312,700 metric tons of corn to Mexico on Tuesday, following another 110,000 metric tons announced Monday. The November WASDE lowered its U.S. corn production estimate to 15.893 billion bushels, with the national yield projected at 179.6 bushels per acre.
Wheat
March Chicago wheat settled at 6.06¾, up 7½ cents, with a range of 5.97 to 6.14¾ and volume of 96,554. March Kansas City gained 5 cents to 6.37¼, while March Minneapolis rose 3 cents to 6.3975. All three contracts finished higher following Thursday's losses. Rainfall across the southern Plains and developments surrounding Russia-Ukraine peace discussions are still important factors for wheat. The talks have also drawn attention to Black Sea grain exports and shipping conditions.
Cattle
February live cattle settled at 224.800, up $1.85, with a range of 221.450 to 225.875 and volume of 23,034. January feeder cattle settled at 335.350, up $3.675, with a range of 329.525 to 336.975 and volume of 9,700. Both contracts extended Thursday's gains. Cash cattle trading remained limited through Thursday afternoon, while Choice boxed beef declined $2.67 to $357.59 per hundredweight. December 90% lean beef trim was quoted at 368.000, down $2.00.
Hogs
February lean hogs settled at 61.375, up 37½ cents, with a range of 60.750 to 62.525 and volume of 38,922. Hogs finished higher alongside cattle after trading between 60.750 and 62.525 during the session. December pork cutout was quoted unchanged at 89.600. Cash hog prices and wholesale pork values remain important indicators for the livestock complex.
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