TFM Midday Update 10-23-20

CORN

Nov down 3 ¾ cents @ 10.70 1/2
Fall in Argentine peso, caused farmers to hoard beans, sending business back to U.S.
U.S. harvest delays expected due to rain/snow for Dakotas, MN, WI
Most of Brazil will see rain in the next 10 days
November options expire today, first notice day for Nov futures 10/30
Funds net buyers of 2K contracts – O/I: +1,200 contracts
Jan support @ 10.63 & resistance @ 10.85

Dec Chi up 6 ½ @ 6.29 1/4, Dec KC wheat up 7 ¾ cents @ 5.68, Dec MNPLS up 3 @ 5.77 1/2
Buenos Aires Exchanged dropped Argentine crop to 16.8 mmt (USDA @ 19 mmt)
Russia still expected to get sporadic showers, but not enough to ease concerns
U.S. HRW wheat will receive some needed rains during the weekend/early next wk
November options expire today
Funds net sellers of 5K contracts SRW – O/I: +2,400 contracts SRW & +2,200 contracts HRW
CHI resistance @ 6.17 & support @ 6.38, KC resistance @ 5.53 & support @ 5.80 & MNPLS resistance @ 5.70 & support @ 5.88

Oct LC up .17 @ 103.50 & Oct FC down .17 @ 133.65
U.S. livestock stress in northern plains as temps drop and snow flies
Oversold market, cattle on feed report today (out at 2:00 CT) might give direction
Cattle on Feed report, projected to reveal a number that is up 3.5% from last year
Feeder cattle options/futures expire 10/29, Live cattle futures expire 10/30
Cash prices in the south @ 107 for LC & @ 135.53 as of 10/21 for FC
O/I: +1,486 contracts for LC & O/I: +845 contracts for FC

Amberlee Bratcher