Soybeans Extend Slide as Cattle Futures Rally on Bullish USDA Report

Overview

• Soybeans finished 2 to 3 cents lower on Friday, leaving January down 27.5 cents for the week and the national cash price near $9.78.
• USDA confirmed a private sale of 134,000 metric tons of soybeans to China as China’s Sinograin sold 179,702 metric tons at auction, yet accumulated U.S. soybean commitments stand at 21.829 MMT, 39.3% below last year with most of the lag tied to China.
• CFTC data showed managed money cut 35,088 contracts from the soybean net long as of December 9, deepening recent price pressure.
• The December Cattle on Feed report showed November placements down 11.19% and marketings down 11.83% year over year, with December 1 on-feed at 11.727 million head, and live cattle futures rose roughly $1.85 to $2.40 as feeders climbed $4 to $5.325.
• Wheat ended mixed with total export commitments at 18.94 MMT, 21.8% above a year ago, while cotton posted 20 to 25 point gains even as total export sale commitments of 5.72 million running bales remain 16.53% below last year.