CORN
- Dec up 1/4 cent @ 3.91 3/4
- Harvest progress showing roughly 40% complete
- G/E condition rating dropped 1% to 61%
- China’s corn futures hit record highs among concerns over crop damage
- Export sales of 420K mt of corn – buyer China
- Funds net buyers 7K contracts – O/I: +6,800 contracts
- Dec Corn support @ 3.86 and resistance @ 3.99
SOYBEANS
- Nov up 12 1/2 cents @ 10.56 1/4
- Harvest progress showing roughly 60% complete
- G/E condition rating dropped 1% to 63%
- Last trading day for Oct soybean meal & oil
- NOPA crust is due tomorrow – trade expected to be lowest in a year
- Long liquidation threat as weather in Brazil improves
- Export sales of 264K mt of soybeans – buyer China
- Funds net buyers of 8K contracts – O/I: + 11,500 contracts
- Jan support @ 10.30 and resistance @ 10.55
WHEAT
- Dec CHI down 1 1/2 cent @ 5.92 1/2 & Dec KC down 2 ¼ @ 5.29 & Dec MNPLS down 2 @ 5.42 1/4
- Winter wheat plantings at 68% – well ahead of average pace of 61%
- Some rain being predicted in HRW wheat areas
- Russian prices hit yearly high yesterday – still desperately needs rain
- USD down today – currently at 93.32
- Funds net even contracts of SRW – O/I: -400 contracts SRW & -1,000 contracts HRW
- Dec Chi support @ 5.78 & resistance @ 6.04, Dec KC wheat support @ 5.15 & resistance @ 5.43, Dec MNPLS @ 5.38 support @ resistance @ 5.47
CATTLE
- Oct LC down .82 @ 108.00 & Oct FC down .25 @ 137.87
- For now, Dec cattle rejects move under $110
- Inability to push boxed beef prices higher may limit further buying
- Deferred FC futures stronger as traders expect next year supply disruption to lesson
- Cash prices quiet for LC & 140.71 as of 10/12 for FC
- O/I:-3,400 contracts for LC & O/I: – 576 contracts for FC
HOGS
- Oct up .50 @ 78.30 & Dec up 1.55 @ 67.70
- Last trading day for October hog futures/options
- Strong support in Dec futures has quickly moved attention previous losses
- Dec futures haven’t been this high since Feb ‘20
- Nov. 9th CME launches Pork Cutout futures & options
- O/I: +1,215 contracts