First Thing Today (VIP) -- November 6, 2012

November 6, 2012 12:03 AM
 

GOOD MORNING!

PRICE STRENGTH OVERNIGHT... As of 6:30 a.m. CT, corn futures are trading 4 to 5 cents higher, soybeans 11 to 15 cents higher and wheat futures 2 to 6 cents higher at all three exchanges. The U.S. dollar is weaker this morning, which is helping support grains.

ELECTION DAY 2012... Americans head to the polls today to determine our country's leadership for the next four years. Final pre-election polls for the presidential race are very close, meaning every vote will truly count, especially in the "swing" states. Exercise your constitutional right and let your voice be heard. Get out and vote.

HRW CCI RATING DROPS, SRW STEADY... When USDA's weekly crop condition ratings are plugged into the weighted Pro Farmer Crop Condition Index (CCI; 0 to 500 point scale), the HRW crop dropped 7 points to 305, while the SRW rating was unchanged at 376. The decline in the HRW CCI rating was led by Oklahoma (down 3 points), followed by 1-point declines in Texas and Colorado.

EPA DISPUTES REPORTS OF RFS DECISION EXTENSION… Despite indications in an editorial by the Wall Street Journal last week that EPA has taken another 90-day delay in their decision on waiver requests of ethanol mandates under the Renewable Fuels Standard, EPA said there has been no additional extension relative to the RFS waiver decision. "The only extension involved in this action to date is EPA extending the deadline for the public comment period for 15 days," EPA said in response to a query. "The new deadline concluded October 11. EPA continues to review those comments." However, the agency in 2008 did delay its final decision on the RFS waiver request by Texas, opting to make the decision a couple weeks past the statutory deadline -- 90 days after receipt of a request for a waiver.

CHINA TO INCREASE SPENDING FOR AG MODERNIZATION...China has earmarked 6.93 billion yuan ($1.1 billion) to support ag modernization for fiscal year 2013, beginning Jan. 1, according to the Ministry of Finance. From 2008 through 2011, China has pumped 38.1 billion yuan ($6.04 billion) into ag modernization.

MIXED START FOR BOXED BEEF... Choice boxed beef prices were 28 cents higher and Select cuts were 25 cents lower while packers moved a decent 172 loads of product to start the week. Unless the boxed beef market turns in a very impressive performance, most traders are expecting cash cattle prices to be steady to lower compared with last week's $126 to $127 trade in the Plains.

PORK CUTOUT STRENGTHENS... The pork cutout value was 93 cents higher Monday as all cuts except hams and bellies were firmer. Despite price strength in the product market and positive cutting margins, cash hog bids are expected to remain steady to weaker across the Midwest as most pork plants are well supplied for the week.

OVERNIGHT DEMAND NEWS... India tendered to export 50,000 MT of wheat.

 

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