CORN
- Dec up 6 cents @ 4.14-3/4
- Snow for the Dakotas and parts of the Midwest will slow corn harvest
- Still no sign of a peak as China demand strong & O/I up
- Ethanol production avg. 913K barrels per day, down 2.56% from last week
- Funds net buyers of 12K contracts – O/I: +13,900 contracts
- Dec support @ 4.05 & resistance @ 4.17
SOYBEANS
- Nov up 10 cents @ 10.73-3/4
- Rain in Brazil over the next 10 days should allow planting progress to ramp up
- Still no sign of a top, but weather improving in Brazil needs to be watched
- Funds net buyers of 10K contracts – O/I: -1100 contracts
- Jan support @ 10.50 & resistance @ 10.77
WHEAT
- Dec Chi up 2-1/4 cents @ 6.34-1/4, Dec KC wheat up 5-1/4 cent @ 5.76-1/4, Dec MPLS up 9-1/4 @ 5.87
- Chicago wheat futures rallies to near six-year highs
- Strong global demand & unfavorable planting conditions in Russia/Ukraine
- Russia hit record price levels last week, amid weak ruble & high export costs
- US HRW wheat will receive some much-needed moisture from snow/freezing rain
- Funds net buyers of 4K contracts of SRW – O/I: +8,200 contracts SRW & +1,500 contracts HRW
- CHI resistance @ 6.17 & support @ 6.38, KC resistance @ 5.53 & resistance @ 5.79
CATTLE
- Oct LC down 0.22 @ 103.90 & Oct FC up 0.35 @ 134.85
- Cattle on Feed Report out 2:00 CT Friday
- Initial gains posted this morning in LC unable to hold
- Oversold short-term and in need of a technical bounce
- Cash prices quiet for LC & 138.66 as of 10/19 for FC
- O/I: -1,070 contracts for LC & O/I: +132 contracts for FC
HOGS
- Dec down 0.12 @ 69.12
- Pig producers have built 12,500 pig farms and restarted 13K+ farms in China
- China plans to restore the herd to 80% of normal levels by end of 2020
- With China demand expected to decline, the market could be due for a set back
- Cash Lean Index for 10/19 is 78.62
- O/I: -5,992 contracts