TFM Midday Update 10-14-20

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

Author

Amberlee Bratcher

Sign up to get daily TFM Market Updates straight to your email!

back to TFM Market Updates