First Thing Today (VIP) -- November 2, 2012

November 2, 2012 01:34 AM


MIXED TRADE OVERNIGHT... Grain and soy futures are mixed this morning as fresh news is light and traders are awaiting the jobs report. As of 6:30 a.m. CT, corn and soybean futures are favoring the downside, while wheat futures are mildly slanted toward the upside at all three exchanges. The U.S. dollar index is firmer this morning.

MODEST JOBS GROWTH EXPECTED... Economists expect the employment report this morning to show 125,000 non-farm payrolls were added in October, up modestly from a 114,000 increase in September. The unemployment rate is expected to tick up to 7.9% from 7.8% in last month's report.

FC STONE RAISES CORN, BEAN PRODUCTION ESTIMATES... Brokerage firm FC Stone forecasts the corn crop at 10.881 billion bu. (124 bu. per acre yield) and the soybean crop at 2.959 billion bu. (39.1 bu. yield). That's up from the firm's October estimates of 10.824 billion bu. (123.9 bu. yield) for corn and 2.849 billion bu. (38.2 bu. yield) for beans. Informa Economics will update its corn and soybean crop estimates at 10:30 a.m. CT.

WEEKLY EXPORT SALES REPORT OUT THIS MORNING... For the week ended Oct. 25, traders expect: corn sales between 100,000 and 350,000 MT; wheat sales between 350,000 and 500,000 MT; soybean sales between 550,000 and 700,000 MT; soymeal sales between 125,000 and 225,000 MT; and soyoil sales between 15,000 and 30,000 MT.

WAXMAN WANTS HEARINGS ON CLIMATE CHANGE AND STORMS... The top Democrat on the House Energy and Commerce Committee is urging Republicans to hold a hearing in the lame-duck session on links between climate change and Superstorm Sandy. Rep. Henry Waxman’s (D-Calif.) letter to the committee’s chairman, Rep. Fred Upton (R-Mich.), makes Waxman the latest of several Democrats to cite the massive storm when calling for tougher action to battle global warming. The Oct. 31 letter argues that regardless of what happens at the ballot box next Tuesday, "the election should be a time to return to fact-based policymaking... "Hurricane Sandy is exactly the type of extreme weather event that climate scientists have said will become more frequent and more severe if we fail to reduce our carbon pollution. That is why we are writing to request that you hold a hearing on the storm and its relation to climate change in the lame-duck session," Waxman and Rep. Bobby Rush (D-Ill.), a top lieutenant on the committee, wrote. Upton’s office has yet to respond to the letter. Waxman, when he chaired the Energy Committee, co-authored the big emissions-capping bill that narrowly passed the House in 2009, though it didn’t advance in the Senate.

BOXED BEEF PRICES DROP AGAIN... After nearly hitting $200 last week, Choice boxed beef prices dropped to $193.50 Thursday. Falling boxed beef prices and this week's steady to weaker cash cattle trade is putting pressure on live cattle futures as traders sense more near-term fundamental pressure is likely.

ANOTHER STRONG DAY OF PORK MOVEMENT... The pork cutout value slipped 13 cents Thursday, but packers moved a strong 97.25 loads of product on the day. The recent pickup in pork movement is helping alleviate concerns that Superstorm Sandy will negatively impact East Coast meat demand.

OVERNIGHT DEMAND NEWS... Lebanon tenders to buy 50,000 MT of optional origin wheat. India tenders to export 150,000 MT of wheat.


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