Bill Moore
William Moore's market views are centered around his many relationships with Agricultural producers. His weekly newsletter, AGMASTER, provides a blend of fundamental & technical information used to make prudent hedging decisions. Contact Mr. Moore at (312) 264-4337
AgMaster Report 11/19/2024
DEC WHT
Ukraine was authorized to use US long-range missiles against Russia – which prompted Dec Wht to add a war premium today – bolstering the contract 12 cents! Also, the mkt was oversold from last week & global supplies are predicted at multi-year lows! And spill-over support is surfacing from the recent excellent export demand for corn & beans!
JAN BEANS
Benign South America weather & the strongest US Dollar since 12/2022 -along with a plummeting Malaysian Palm Oil – have all provided substantial headwinds to the bean complex! But today solid domestic & export demand intervened – to send the mkt to double-digit gains! This mkt action seemed to confirm the harvest lows made in late Oct & retested in early Nov! 3 Flash Sales at 8am of beans, oil & meal coupled with 10am Grain inspections of 2.165 mmt were enough to rally the mkt hard after it opened lower! Also supplying support was a record October Crush recently announced! Apparently, 4-yr lows are enough!
DEC CORN
After breaking 20 cents since early Nov, Dec Corn recovered 15 cents of that break in the last 2 mkt sessions – on the back of solid export demand – as evidenced by the multiple flash sales every week & the solid Mon Inspections & Thur Sales every week! Ethanol Demand has been excellent as well! Corn Inspections alone are running 32% over 2023 corn continues to be the cheapest globally & plentiful exports will validate that!
DEC CAT
Dec Cat – after correcting $7.00 – was the beneficiary of massive fund buying today possibly in anticipation increased holiday demand as we approach Thanksgiving & Christmas! The Trump 2500 point rally since he won – has also supported! But the strongest US dollar in 2 years has hurt exports – mitigating the up!
DEC HOGS
A bad close last week – coupled with higher production & slaughter & weaker exports foreshadowed a lower week but the mkt proved resilient today – possibly anticipating improving domestic demand into the upcoming holiday season! And pork has a natural price advantage in the supermarket – which always helps!
Questions? Ask Bill Moore today at 312-264-4337