CORN
- Dec up 1/4 cent @ 3.80
- Grain Inspections @ 864K tons vs 827K last week
- Enough potential supply issues the U.S. and South America to support prices
- Preliminary open interest saw corn up roughly 18,400 contracts
- Managed Money Net Positions – 106,820 long
- Weather remains favorable this week for harvest
- Dec Corn support @ 3.77 and resistance @ 3.86
SOYBEANS
- November down 1 cent @ 10.19-3/4
- Grain Inspections @ 1.67M tons vs 1.297M tons last week
- Tightening global meal supply may help boost demand for U.S. meal
- Preliminary open interest saw soybean up 13,100 contracts
- Managed Money Net Positions – 229,043 long
- Brazil heat & dryness will last through the week, with rain forecast for the weekend
- Harvest progress expected to be close to 50% in today’s Crop Progress report
WHEAT
- Dec CHI up 10-3/4 @ 5.84 & Dec KC up 14 @ 5.24 & Dec MPLS up 7-1/2 @ 5.39
- Grain Inspections @ 643.6K tons versus 586.9K tons last week
- Preliminary open interest saw SRW up roughly 3,900 contracts; HRW up 3,000 contracts
- Managed Money Net Positions: wheat 12,424 – long & KC wheat – 18,025 long
- Drought areas in both Russia & the U.S. continue to bolster prices
- Winter wheat progress may be close to 50% in this afternoon’s Plant Progress report
CATTLE
- Oct live cattle up 0.80 @ 108.97 & Oct feeder cattle up 0.25 @ 140.15
- Slaughter up 3.1% for the week with beef production up 5.7 from YA
- Cattle futures up 30-80 cents higher as traders cover short positions
- Cash cattle markets are quiet – Cash index for FC as of 10/1 @ 142.96
HOGS
- Oct up 0.12 @ 74.37
- Narrow trading ranges seen for the morning
- Prices have bounced higher however concerns of whether prices can sustain
- Pressure in pork cutout values caused some growing concerns demand may fall
- Cash lean index for 10/1 is 76.81
Author
Amberlee Bratcher