牛饲料发布的报告Friday was Bearish

Wheat is currently trading near a November 28th price low which should continue to provide overhead resistance. Corn has advanced nearly 6 cents from the low it printed on December 19th on strong export sales and short covering.

The commitment of traders report released on December 22nd showed that Managed Money has moved to a net short position for soybeans, a position we haven’t seen since September 19th. Soybeans went from a previous net long position of 19,755 to a net short position of -40,771 in the Managed Money category. Corn also moved further into a net short position this week in the managed money category, widening to -222,153 last week.

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Winter wheat prices out of the Black Sea region were stable going into the holiday season. FOB prices for 12.5 percent protein for January delivery are priced right around $191 per metric ton. Exports have been huge this year with Russia exporting an estimated 25.5 million metric tons since the beginning of the marketing season, representing a 34 percent increase over last year.

The Cattle on Feed report released on Friday was seen as bearish with all categories reported at or above analyst expectations. All cattle on feed as of December 1st was reported at 108 percent of last year above expectations of 106.7 percent. Placements into feedlots during November were huge, totaling to 2.10 million head which was 114 percent from 2016. Analyst were only expecting around a 5.7 percent increase in placements. Cattle marketed in November met expectations at 3 percent over last year.

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—Kevin McNew