[Producers Livestock Market Commentary Header]

11/27/2024 Market Commentary

Rains have fallen across the Midwest and Great Plains, slowing post-harvest field work but helping the winter wheat crop. The USDA released November’s WADSE report, trimming back yields greater than expected: corn was cut by .7 bushels per acre, and soybean yield was trimmed back by 1.4 bu./ac. Trade had been expecting an increase in exports on the balance sheet, but corn remained unchanged and soybean exports were trimmed by 25 million bushels. Even with the changes, trade is comfortable with carryout numbers.

The U.S. Dollar has moved higher, making U.S. products more expensive, but fortunately, the rains increased river levels, cheapening barge freight and offsetting the strength of the dollar. The Feds also announced another rate cut of 25 basis points, and trade is looking to the potential of another cut in December. Soybean crush and ethanol production is strong, with new records last month. The demand for soy oil supports soy crush, a cheaper alternative to sunflower, palm and canola oil. China also is potentially reinstating the export taxes for used cooking oil.

Japan plans to increase its ethanol blending mandate to E10 by 2030 and E20 by 2040. Currently, Japan does not have the infrastructure to produce enough ethanol and will depend on imports, potentially from the U.S. In the future, trade will be closely watching for announcements from the Trump Administration on biofuels.

Brazil and China announced a partnership this month. China will invest in infrastructure development and technical assistance and expand Brazil’s sorghum exports to China. China currently accounts for 90% of U.S. sorghum exports, and Brazil only produces enough sorghum for its needs. This leaves the question of whether Brazil will shift acres to sorghum production or how it plays out.

Previous day prices

MarketMonthLastChange
CornMar4.3175-1.75
CHI Wheat   
KC Wheat   
MN Wheat   
Soybeans   
Soy Oil   
Soy Meal   
Live Cattle   
Ch Cutout   
Sel Cutout   
Feeder Index   
Lean Hogs   
Pork Cutout   
Crude Oil   
Dollar Index   
DOW   
National Corn Basis
   
National Bean Basis
   

Dates to Remember

Nov 21 – Export Sales
Nov 22 – Cattle on Feed
Nov 25 – Cold Storage
Nov 28 – Markets Closed

Hog Fundamentals

  Current One Week Ago Change One Year Ago Change
Lead Month Future
 82.55        
National Cash  83.79        
Index  85.21        
Cutout  90.31        
IA/SMN Cash 87.53         
IA/SMN Weights  210        
Slaughter 2,525,000         

Cattle Fundamentals

Cattle fundamentals chart and copy goes here. Text and/or image.

  Current One Week Ago Change One Year Ago Change
North Cash 190.00 188.00 +2.00 180.00 *8.00
South Cash          
North Steer Basis +2.0 +1.0 -1.0 0.00 +2.00
Choice Boxes 311.22 310.00 -1.22    
Select Boxes 275.900        
Spread 35.32        
Weights 835        
Slaughter 610,000        
FC Index 254.32        

CFTC Disaggregated COT Report

As of: 11/12/2024
CommodityCurrent Managed MoneyChangeCurrent Producer/CommercialChangeTotal OITotal OI Change
Live Cattle1084155098-1547502121 352,975
Feeder Cattle      
Lean Hogs      
Corn      
Soybeans      
Cash Cattle Markets

1,000 head reportedly traded in NE at $290 dressed yesterday, which would be steady with a week ago, but that isn’t going to be enough to set the market. And I think most producers will be asking for higher money.

RegionThis WeekLast WeekLast Year
TX/OK/NMn/a$185.00$176.95
KSn/a$185.03$176.95
NEn/a$185.14$176.00
IA/MNn/a$184.50$176.65
RegionThis WeekLast WeekLast Year
TX/OK/NMn/a$185.00$176.95
KSn/a$185.03$176.95
NEn/a$185.14$176.00
IA/MNn/a$184.50$176.65
Title Title

1,000 head reportedly traded in NE at $290 dressed yesterday, which would be steady with a week ago, but that isn’t going to be enough to set the market. And I think most producers will be asking for higher money.

Title Title

1,000 head reportedly traded in NE at $290 dressed yesterday, which would be steady with a week ago, but that isn’t going to be enough to set the market. And I think most producers will be asking for higher money.

RegionThis WeekLast WeekLast Year
TX/OK/NMn/a$185.00$176.95
KSn/a$185.03$176.95
NEn/a$185.14$176.00
IA/MNn/a$184.50$176.65
RegionThis WeekLast WeekLast Year
TX/OK/NMn/a$185.00$176.95
KSn/a$185.03$176.95
NEn/a$185.14$176.00
IA/MNn/a$184.50$176.65
Title Title

1,000 head reportedly traded in NE at $290 dressed yesterday, which would be steady with a week ago, but that isn’t going to be enough to set the market. And I think most producers will be asking for higher money.

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Producers Livestock offers livestock sourcing and marketing, commodities trading and hedging and loans and credit facilities to farmers and processors in the Midwestern US and Central Plains.

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Omaha, NE 68137

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Sioux City, IA 51106

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