CORN

• Dec up 6 cents @ 4.02-1/2
• China corn futures hit a record high amid worries over crop damage
• Long-term, China demand to support tighter US ending stocks
• Ethanol production avg. 937K barrel per day, up 1.52% from last week
• Basis could see pressure this week with bushels coming in
• Funds net buyers 15K contracts – O/I: +2,100 contracts
• Dec resistance @ 4.01-1/4 and support at 3.80

SOYBEANS

• Nov up 6-1/2 cents @ 10.62-3/4
• Soybeans firm on Chinese demand, Brazilian dryness
• Some long liquidation or some back & fill needed
• Export sales of 261K mt – buyer China
• Moisture expected this week for Brazil
• Funds net buyers of 9K contracts – O/I: + 5,500 contracts
• Nov resistance @ 10.79-3/4 & support @ 10.28

WHEAT

• Dec CHI up 15-1/2 cents @ 6.12 & Dec KC up 15 cents @ 5.50 & Dec MPLS up 9-1/4 @ 5.55-3/4
• Brazil millers oppose sale of GMO wheat as importing costs would rise
• Weather continues to push markets further
• Ruble action continues to favor Russia in export markets
• Rains look to be concentrated to eastern growing areas short-term
• USD up today – currently at 93.81
• Funds net buyers of 3K contracts of SRW – O/I: +3,600 contracts SRW & + 1,400 contracts HRW
• Dec KC resistance @ 5.52-3/4 & support at 5.15

CATTLE

• Oct LC down 0.35 @ 108.02 & Oct FC up 0.15 @ 138.52
• Outside forces turn negative with beef lowest since August 13
• Traders remain concerned about fundamental weakness
• Cattle supplies expected to tighten
• Uncertainty around retail demand keeps pressure on prices
• Corn rally continues to pressure FC
• Cash prices 108 live & 140.92 as of 10/13 for FC
• O/I:-1,644 contracts for LC & O/I: – 213 contracts for FC

HOGS

• Dec up 0.55 @ 68.97
• April hog reversal; 74.90 resistance down to 71.02 key support
• Renewed buying moving back into front months
• November 9 CME launches Pork Cutout futures & options
• Strong export sales expected
• O/I: +2,439 contracts

Author

Amberlee Bratcher