CORN
- Dec up 2 1/2 cents @ 3.91 3/4
- Weekly grain export inspections @ 632K mt versus last wk’s 884K mt
- Daily export sales reported 110K mt of corn – delivered to Mexico
- Brazil center south & west set for showers in next 10 days
- In positions for some back and fill action
- Funds net sellers 27K contracts – O/I: + 5900 contracts
- Dec Corn support @ 3.85 and resistance @ 3.99
SOYBEANS
- November up 7 ¼ @ 10.41
- Weekly grain export inspections @ 2.157M mt versus last wk’s 2M mt
- 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?
- In positions to see long liquidations corrections; record high OI
- Funds net sellers of 30K contracts – O/I: + 915 contracts
- Jan support @ 10.28 and resistance @ 10.50
WHEAT
- Dec CHI up 1 @ 5.95 1/4 & Dec KC up ½ cent @ 5.31 & Dec MNPLS up 2 @ 5.44 3/4
- Weekly grain export inspections @ 514K versus last wk’s 884K
- U.S. Plains still extremely dry – favorable for harvest, unfavorable for production
- A little rain in Russia may go a long way in easing crop concerns
- USD up today – currently at 93.48
- Funds net even contracts of SRW – O/I: +2500 contracts SRW & +2500 contracts HRW
- Dec Chi support @ 5.87 & resistance @ 6.04, Dec KC wheat support @ 5.26 & resistance @ 5.53, Dec MNPLS @ 5.38 support @ resistance @ 5.50
CATTLE
- Oct LC down .32 @ 108.02 & Oct FC down .87 @ 136.42
- Traders remain optimistic of further demand growth in near future
- Funds long 59K contracts and in liquidation mode
- Limited volume yesterday due to the holiday likely culprit for yesterday’s price movement
- Cash prices quiet for LC & 141.28 as of 10/9 for FC
- O/I: -5,900 contracts for LC & O/I: -267 contracts for FC
HOGS
- Oct down .22 @ 77.95
- Nov. 9th CME launches Pork Cutout futures & options
- Inability to rekindle buyer support today after last weeks surge in prices
- Dec hogs posting triple digit losses today, as traders remain cautious
- O/I –775 contracts
Author
Amberlee Bratcher