CORN
- Dec corn down 4 @ 4.19
- USDA puts US ending stocks at 7 year low, 1.702 bb
- Corn put in a contract high of 4.28 yesterday
- Prior to yesterday’s report Managed money funds expted to be long 325K+ contracts
- Argentina port workers far from compromise, impacting shipments
- Funds net buyers of 57K contracts – Preliminary O/I +33,600 contracts
- March support @ 4.29 – resistance @ 4.36
SOYBEANS
- Nov up 5 @ 11.43 & Jan up 4 @ 11.50
- USDA dropped ending stocks to a tight 190 mb
- Palm oil futures continue to put in new contract highs
- US primary source of soybeans until Feb. harvest in S. America
- Yesterday’s O/I indicates funds could be inching toward 500K+ contracts long
- S. American dry weather continues to be focal point
- Funds net buyers of 33K contracts – Preliminary – O/I Jan 14,300 contracts
- Jan support @ 11.45 – resistance @ 11.62
WHEAT
- Dec Chi down 7 @ 6.01, Dec KC down 4 @ 6.01, Dec MNPLS down 1 @ 5.59
- USDA lowered ending stocks to 320.5 mmt (still record high number)
- US ending stocks only fell 6 mb to 877 mb
- Ukraine & Russia drought extending continue to lend support
- Funds net buyers 9K contracts SRW – Preliminary O/I -4,400 SRW & – 1,600 contracts KC
- May Chi support @ 6.04 – resistance @ 6.28, May KC support @ 5.61 – resistance @5.91
CATTLE
- Dec LC up .42 @ 112.30 & Nov FC down .67 @ 140.17
- Cattle continues to be patient to see if cash prices develop higher off of last wk’s prices
- Boxed beef up $8 from Friday at $222.25 – Selects up $10 at 208.55
- Corona still pressures market as new highs are set for infection cases
- Projected slaughter for today est. at 120K head – even with last year
- Cash prices undetermined for LC & 135.85 as of 11/9 for FC cash index
- O/I: -10,316 contracts for Dec LC & O/I: -263 contracts for Nov FC
HOGS
- Dec Hogs up .40 @ 65.52 & Dec Pork Cutout up .35 @ 81.60
- Oct high of 72.80 remains unchallenged
- Cash lean index continues to narrow in comparison to futures
- Yesterday pork carcass reported at 82.98 – down 1.08 from Friday
- Hog slaughter 454 estimated today
- Cash lean index @ 71.25 as of 11/9
- O/I: -9,170 contracts for Dec
Author
Amberlee Bratcher