CORN
- Dec down 4 1/4 cents @ 3.91
- Argentina & Brazil rains will be beneficial for corn crop
- No peak yet as China prices at 5-year high
- There is talk that China has been an active buyer of US corn for April delivery
- Funds net buyers of 40K contracts – O/I: + 16,500 contracts
SOYBEANS
- November down 23 @ 10.42 1/2
- Brazil will received scattered showers over next 10 days which should improve planting conditions
- No export sales today – question lingering is will China continue to be aggressive buyer this week?
- Extremely overbought technically, if demand slacks a correction in prices may be on the horizon
- Funds net buyers of 15K contracts – O/I: +27,600 contracts
WHEAT
- Dec CHI up 2 3/4 @ 5.96 3/4 & Dec KC down 2 3/4 @ 5.32 3/4 & Dec MNPLS up 4 @ 5.47 3/4
- Western Australia potential to receive needed rain next wk & Argentina will get rain this week
- Russia still no rain on the horizon & same for U.S. Plains
- USDA reminded traders of massive & recording ending stocks in report last Friday
- Funds net sellers 2K contracts of SRW – O/I: +2900 contracts SRW & -1300 contracts HRW
CATTLE
- Oct LC down 1.67 @ 108.22 & Oct FC down .87 @ 137.40
- Cash & beef trends down & funds hold heft net long positions
- Limited losses in feeders this morning with corn down, lending support
- Volume is light today as traders set on the sidelines waiting for more direction
- Cash prices quiet for LC & 141.92 as of 10/8 for FC
HOGS
- Oct up .07 @ 78.20
- Nov. 9th CME launches Pork Cutout futures & options
- China likely to buy more pork from US, Spain & Brazil
- Light volume due to holiday & last week’s surge higher
Author
Amberlee Bratcher