CORN
- Dec up ½ cent @ 4.16 3/4
- Argentina has received beneficial rain & expected more this weekend
- U.S. harvest delays expected due to rain/snow for Dakotas, MN, WI
- Daily export sales of 100K mt to unknown destination
- November options expire today
- Funds net buyers of 8K contracts – O/I: +14,700 contracts
- Dec support @ 4.09 & resistance @ 4.24
SOYBEANS
- Nov down 3 ¾ cents @ 10.70 1/2
- Fall in Argentine peso, caused farmers to hoard beans, sending business back to U.S.
- U.S. harvest delays expected due to rain/snow for Dakotas, MN, WI
- Most of Brazil will see rain in the next 10 days
- November options expire today, first notice day for Nov futures 10/30
- Funds net buyers of 2K contracts – O/I: +1,200 contracts
- Jan support @ 10.63 & resistance @ 10.85
WHEAT
- Dec Chi up 6 ½ @ 6.29 1/4, Dec KC wheat up 7 ¾ cents @ 5.68, Dec MNPLS up 3 @ 5.77 1/2
- Buenos Aires Exchanged dropped Argentine crop to 16.8 mmt (USDA @ 19 mmt)
- Russia still expected to get sporadic showers, but not enough to ease concerns
- U.S. HRW wheat will receive some needed rains during the weekend/early next wk
- November options expire today
- Funds net sellers of 5K contracts SRW – O/I: +2,400 contracts SRW & +2,200 contracts HRW
- CHI resistance @ 6.17 & support @ 6.38, KC resistance @ 5.53 & support @ 5.80 & MNPLS resistance @ 5.70 & support @ 5.88
CATTLE
- Oct LC up .17 @ 103.50 & Oct FC down .17 @ 133.65
- U.S. livestock stress in northern plains as temps drop and snow flies
- Oversold market, cattle on feed report today (out at 2:00 CT) might give direction
- Cattle on Feed report, projected to reveal a number that is up 3.5% from last year
- Feeder cattle options/futures expire 10/29, Live cattle futures expire 10/30
- Cash prices in the south @ 107 for LC & @ 135.53 as of 10/21 for FC
- O/I: +1,486 contracts for LC & O/I: +845 contracts for FC
HOGS
- Dec up .60 @ 66.82
- China imports to slow in 2021 as hog herds expand rapidly
- With big losses this wk, today may not be a sign of confidence in Dec futures
- Lean hogs with expanded limits of 4.50 today
- Cash lean index for 10/21 was 78.60
- O/I: -3,3735 contracts