CORN

• Dec down 11 1/4 cent @ 4.04 1/2
• Brazilian corn prices surpassed a 2007 record
• Brazilian corn exports for Oct. expected to drop .55 million tons
• Daily export sale of 207K mt – to S. Korea
• Ethanol production averaged 941K barrels per day, +3.07 vs last wk
• Funds net sellers of 4K contracts – O/I: +9,100 contracts
• Dec support @ 4.09 & resistance @ 4.16

SOYBEANS

• Nov down 16 1/2 @ 10.65 3/4
• Recent rains help jumpstart Brazil soybean sowings
• Daily export sale of 110K mt – to Egypt & 120K mt – to unknown
• First notice day for Nov futures 10/30
• Funds net sellers of 5K contracts – O/I: -22,200 contracts
• Jan support @ 10.63 & resistance @ 10.77

WHEAT

• Dec Chi down 7 1/4 @ 6.08 3/4, Dec KC down 4 1/2 @ 5.44 3/4, Dec MNPLS down 8 3/4 cent @ 5.52 3/4
• Wheat futures in Paris hit a 10-day low
• Further selling pressure today due to rains in Russia
• US Dollar down currently at 93.50 – up .56
• Funds net sellers of 2K contracts SRW – O/I: +5,400 contracts SRW & + 1,000 contracts HRW
• CHI resistance @ 5.87 & support @ 6.15, KC resistance @ 5.23 & support @ 5.53 & MNPLS resistance @ 5.54 & support @ 5.61

CATTLE

• Dec LC up .62 @ 104.70 & Nov FC up 1.52 @ 133.82
• Covid cases on the rise keep market wary
• Ice storm in U.S. Plains may lend support
• Current-cut out value 163.61 (+.21 from yesterday)
• Slaughter keeping good pace, yesterday reported 117K
• Oct feeder cattle options/futures expire 10/29, Oct Live cattle futures expire 10/30
• Cash prices quiet for LC & @ 133.70 as of 10/23 for FC
• O/I: + 4,225 contracts for LC & O/I: -920 contracts for FC

HOGS

• Dec down 1.45 @ 66.22
• Shot-term demand factors turning more negative
• Pork carcass fell to 88.83 – pressured by price drop of hams
• Hog slaughter estimated at 492K – even with last year
• Cash lean index @ 77.47 – $10+ premium above Dec futures
• O/I: -287 contracts

Author

Amberlee Bratcher