CORN

• Dec up 4-1/2 cents @ 3.89-1/4
• Ethanol production up 4.7% from last week
• Argentina is 40% of normal precipitation over the prior 90 days
• No export sales reported today
• Funds net buyers of 25K contracts – O/I + 9,900 contracts

SOYBEANS

• Nov up 12 @ 10.56
• Trend remains up, fund buyers active with weather concerns
• Export sales of 132K mt to China & 120K mt to unknown buyer
• South American weather continues to keep prices supported
• Funds net buyers of 20K contracts – O/I + 7,900 contracts

WHEAT

• Dec CHI up 14-1/4 @ 6.07-3/4 & Dec KC up 14-1/2 @ 5.49 & Dec MPLS up 12 @ 5.50-1/2 
• Russia still too dry with no rain in 10-14 day forecast
• USD under 21 moving day average barely holding 10-day
• U.S. west-central & Southwest too hot and dry – concerning for next year HRW crop
• Funds net buyers 7K contracts of SRW – O/I + 9,000 contracts SRW & +4,200 contracts HRW

CATTLE

• Oct LC up 0.72 @ 109.92 & Oct FC down 0.07 @ 138.05
• May be tough to hold premium with beef lowest since 9/23
• Beef cutouts are expected to be lower with moderate box movement
• Front month holds for now, as deferred months are pressured by FC market
• Cash Index for 10/3 on feeders is 142.74 – no cash developments yet for LC

HOGS

• Oct up 0.30 @ 76.62
• With cash at 77.26,  concerns market might be top heavy
• Strong shift higher in grains adding pressure
• Cash prices at 76.81, some suggest market might be top heavy
• Inconsistent pork cutout values keep traders cautious

Author

Amberlee Bratcher