CORN
- Dec up 3 cents @ 4.00
- U.S. harvest 82% complete versus 69% 5-year average
- FC Stone yesterday had U.S. crop pegged at 4.351 bb – yield 52.1
- Exports up 83% from last year
- Argentina weather this week will be mostly dry with mild temps
- Funds net sellers of 4K contracts – O/I -20,280 contracts
- Dec support @ 3.93 & resistance @ 4.09
SOYBEANS
- Nov up 11 @ 10.62 & Jan up 12 @ 10.64
- U.S. harvest 87% complete versus trade guess of 91%
- U.S. soybeans shipping to Brazil this week, as Brazil grapples with rising prices
- Planting in Brazil advanced to 42% from 23% last week – 44% is the average
- Brazil weather expected for rain to continue in the northeastern 1/3 of the nation
- Exports up 75% from last year
- Funds net sellers of 3K contracts – O/I -1,989contracts
- Jan support @ 10.45 & resistance @ 10.71
WHEAT
- Dec CHI up 2 @ 6.09, Dec KC up 5 @ 5.58, Dec MPLS down 1 @ 5.55
- U.S. Winter wheat plantings 89% – 43% G/E versus 41% last wk
- FC Stone yesterday had U.S. crop pegged at 14.762 bb – yield 178.9
- China expected to ban imports of Australian wheat
- Rains appreciated in Kansas but crop ratings only 29% G/E – worst score since 1991
- Exports up 4% from last year
- Russia’s southern region & Ukraine rain has diminished – no further rain in forecast
- Funds net buyers of 6K contracts SRW – O/I Chi: – 1,137 & KC -742 contracts
- CHI resistance @ 5.91 & support @ 6.20, KC resistance @ 5.48 & support @ 5.73 & MNPLS resistance @ 5.46 & support @ 5.64
CATTLE
- Dec LC down 0.30 @ 108.25 & Nov FC down 0.40 @ 136.57
- Minor set back in slaughter could spark more buying
- Election has traders focused on other markets – light volume today
- Packers expected to become more aggressive as the week continues
- Market could get volatile pending election results or lack thereof
- Projected slaughter at 120K head
- No cash prices for LC & @ 136.48 as of 10/30 for FC cash index
- O/I: -1,154 contracts for Dec LC & O/I: -855 contracts for Nov FC
HOGS
- Dec up 0.02 @ 65.97
- May need to see slower slaughter to expect prices to bounce
- Election likely to keep traders on the sidelines until more clarity on price direction
- Hog slaughter estimated at 488K
- Cash lean index @ 74.49 as of 10/30 – premium above futures but still dropping
- O/I: -836 contracts
Author
Amberlee Bratcher