CORN
- Dec up 1 ¾ cent @ 4.07
- Corn harvest pegged at 60% (trade expected 57%)
- The sowing of Brazil summer corn reached 44%
- China demand looks strong but rains in Brazil/Aregentina could set back prices
- Funds net buyers of 9K contracts – O/I: +22,700 contracts
- Dec support @ 3.99 & resistance @ 4.09
SOYBEANS
- Nov up 7 3/4 cents @ 10.62
- The U.S. soybean harvest 75% (trade expected 79%)
- Brazil expected to ramp up over next 14 days regarding rainfall
- Daily export sales report 132K mt of soybeans to unknown buyer
- New buyers might be on sidelines waiting for a dip in prices
- Farmer’s in Brazil have sowed 7.9%
- Funds net buyers of 5K contracts – O/I: +635 contracts
- Jan support @ 10.50 & resistance @ 10.77
WHEAT
- Dec Chi up 2 cents @ 6.29, Dec KC wheat up 4 cent @ 5.67 1/4, Dec MNPLS up 6 3/4 cents @ 5.76
- Winter wheat crop 77% harvested (trade expected 81%)
- Russia received some rain yesterday, won’t know effects until this afternoon
- Some rain expected in west-central U.S. Plains late this week
- Market very top heavy, if supply concerns ease prices will likely back fill
- Funds net buyers of 2K contracts of SRW – O/I: +6,500 contracts SRW & +1,000 contracts HRW
- CHI resistance @ 6.17 & support @ 6.37, KC resistance @ 5.53 & resistance @ 5.79
CATTLE
- Oct LC down .50 @ 103.50 & Oct FC down 1.95 @ 132.65
- Cash trend down & beef down to lowest since Aug 12th
- LC remains weak with cash prices weakening
- FC continue to attract buyers – grains push sell off further
- Cattle on Feed Report out 2:00 CT Friday
- Cash prices $107-$108 live & 104.26 as of 10/16 for FC
- O/I:-1,070 contracts for LC & O/I: +132contracts for FC
HOGS
- Dec down 2.32 @ 69.12
- China expanding production quickly
- Hogs cannot stabilize today as traders liquidate across all futures
- Cash lean index for 10/15 is 78.24
- O/I: -5,992 contracts
Author
Amberlee Bratcher