CORN
- Dec up 1 ½ cent @ 4.03 1/2
- Managed Money Net Positions: 170.8K contracts long
- Weekly exports inspections @ 911K mt (unexpected, bullish)
- Bullish China demand but rains in Brazil may ease concerns
- Daily export sales 345K mt – unknown buyer & 123K mt – to Mexico
- Funds net sellers 2K contracts – O/I: +12,900 contracts
- Dec support @ 3.99 & resistance @ 4.09
SOYBEANS
- Nov up 3 ¼ cents @ 10.53 1/4
- Managed Money Net Positions: 226.4K contracts long
- Weekly export inspections @ 2.173M mt (expected, bullish)
- Good rains in Brazil hard to look past without negative price action
- Funds net sellers of 10K contracts – O/I: -9,100 contracts
- Jan support @ 10.34 & resistance @ 10.77
WHEAT
- Dec Chi down 2 ¼ @ 6.23, Dec KC wheat up ¾ cent @ 5.59 ½, Dec MNPLS up 4 ¼ cents @ 5.64
- Managed Money Net Positions: 38.5K long Chi wheat & 32.1K contracts long – KC
- Weekly export inspections @ 239.6K mt (unexpected, bearish)
- Russian & Ukraine will get “some” rain but not enough to ease production concerns
- U.S. lower Midwest will experience boost in soil moisture for winter wheat
- Funds net buyers of 3K contracts of SRW – O/I: ++3,600 contracts SRW & -440 contracts HRW
- CHI resistance @ 6.17 & support @ 6.35, KC resistance @ 5.53 & resistance @ 5.71
CATTLE
- Oct LC down 2.35 @ 104.80 & Oct FC down 2.40 @ 135.70
- Beef down to lowest since August 12th and cash cattle lower
- Grain rally continues to keep pressure on FC market
- Overall market looks weak, could erase the previous month’s rally all together
- Cash prices $107-$108 live & 140.22 as of 10/15 for FC
- O/I:-2,090 contracts for LC & O/I: + 1,571 contracts for FC
HOGS
- Dec up 1.65 @ 71.50
- Deferred months futures turn down as China production advancing
- Dec continues to push higher, flirting with contract highs
- Cash lean index for 10/15 is 78.24
- O/I: -3.005
Author
Amberlee Bratcher