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