TFM Midday Update 10-27-20

CORN

  • Dec down ¾ cent @ 4.17
  • Corn harvested at 72% (trade estimate was 73%)
  • So far harvest yields have yet to disappoint many producers
  • Remains in steep uptrend but technically over bought
  • Ethanol demand still uncertain amid future Covid concerns
  • Funds net sellers of 4K contracts – O/I: +16,400 contracts
  • Dec support @ 4.13 & resistance @ 4.24

SOYBEANS

  • Nov down 3 ¼ @ 10.84 1/4
  • Soybeans harvested was at 83% (trade estimate was 86%)
  • Wet & cold weather last week slowed harvest progress
  • Brazilian farmers have planted 23% of crop
  • First notice day for Nov futures 10/30
  • Funds net buyers of 4K contracts – O/I: -10,300 contracts
  • Jan support @ 10.77 & resistance @ 10.88

WHEAT

  • Dec Chi up 2 1/2 @ 6.22 1/2, Dec KC up 4 1/4 @ 5.56 1/4, Dec MNPLS down ¾ cent @ 5.64 1/2
  • Winter wheat 85% planted, rated 41% G/E (trade estimated expected 52%)
  • Weather conditions improved for Russia 2021 crop after rains last week
  • US Dollar down currently at 92.85 – trending below all moving averages
  • Funds net sellers of 9K contracts SRW – O/I: +965 contracts SRW & +260 contracts HRW
  • CHI resistance @ 6.15 & support @ 6.38, KC resistance @ 5.43 & support @ 5.68 & MNPLS resistance @ 5.63 & support @ 5.73

CATTLE

  • Dec LC up .52 @ 103.90 & Nov FC up 2.37 @ 132.95
  • Short-term low may be in place, new sellers wait for bounce
  • Cold conditions in western U.S. plains lend support
  • Slaughter keeping good pace, yesterday reported 118K
  • Oct feeder cattle options/futures expire 10/29, Oct Live cattle futures expire 10/30
  • Cash prices around 106 last wk for LC & @ 133.70 as of 10/23 for FC
  • O/I: +1350 contracts for LC & O/I: +98 contracts for FC

HOGS

  • Dec down .02 @ 67.72
  • New sellers may want for a bounce, April resistance 71.20
  • Traders anticipate more export business from China
  • Pork cutouts fell to 91.86 yesterday, and down 13.17 in pork bellies
  • Cash lean index @ 78.17 – $10+ premium above Dec futures
  • O/I: +203 contracts

Author

Amberlee Bratcher

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