CORN
- Dec corn up 3 @ 4.11
- Corn harvest at 91% versus 80% average
- Corn exports running 74% ahead of last yr
- Argentina port workers still on strike over wages, delaying shipments
- China reports most of their harvest is complete
- Traders wait for USDA report at 11:00 & S. American weather concerns
- Daily export sales of 130K mt of corn to S. Korea
- Funds net buyers of 6K contracts – O/I -36,341 contracts
- Dec support @ 4.06 – resistance @ 4.17
SOYBEANS
- Nov up 6 @ 11.11 & Jan up 7 @ 11.18
- Soybean harvest 92% completely – versus 90% average
- Soybean exports are up 78% ahead of last yr
- Brazilian farmers planted 56% slightly behind 58% this time last year
- Brazil’s 2020-21 soybean output est. at record 135M mt
- USDA report can certainly have impact but S. American weather more important
- Funds net buyers of 7K contracts – O/I Jan -2,446 contracts
- Jan support @ 10.98 – resistance @ 11.19
WHEAT
- Dec Chi up 6 @ 6.03, Dec KC up 3 @ 5.55, Dec MNPLS up 1 @ 5.55
- U.S. Winter wheat 93% plated – 45% G/E conditions
- Wheat exports running 2% of last yr
- Russia getting small rains but enough to matter
- U.S. Plains will get some relief in some areas due to snow/rain
- Funds net sellers of 3K contracts SRW – O/I -16,689 & KC -6,975
- Dec Chi support @ 5.91 – resistance @ 6.13, Dec KC support @ 5.38 – resistance @5.63
CATTLE
- Dec LC up .30@ 112.15 & Nov FC down .02 @ 141.60
- Cattle cash prices continue to fall short of expectations
- If boxed beef values continue to rise, price could push higher
- Projected slaughter for today est. at 120K head
- Cash prices undetermined for LC & 135.58 as of 11/6 for FC cash index
- O/I: -11,281 contracts for Dec LC & O/I: -1,673 contracts for Nov FC
HOGS
- Dec Hogs down .42 @ 65.15 & Dec Pork Cutout down -.12 @ 81.12
- Potential Covid vaccine could keep prices supported
- Lack of short-term market news or change in demand could keep prices capped
- Higher pork cutout values yesterday lend support
- Hog slaughter 493K head yesterday, projected 490K for today
- Cash lean index @ 71.74 as of 11/6
- O/I: -6,999 contracts for Dec
Author
Amberlee Bratcher