CORN
- Dec corn down 9 @ 4.08 & March down 9 @ 4.18
- Weather friendly, harvest should wrap up this week
- Argentina & southern Brazil dryness continue to be of concern
- Ethanol production avg 977K barrels – down 5.15% from last yr
- Funds net sellers of 20K contracts – Preliminary O/I +5,500 contracts
- March support @ 4.22 – resistance @ 4.36
SOYBEANS
- Nov down 11 @ 11.32 & Jan down 12 @ 11.41
- Through end of November Argentina expected to stay dry
- Palm oil rose to contract high – highest price since 2012 on declining production
- Funds incredibly long, could be 275K+ by week’s end
- Funds net buyers of 11K contracts – Preliminary – O/I Jan -2,200 contracts
- Jan support @ 11.18 – resistance @ 11.62
WHEAT
- Dec Chi down 8 @ 5.90, Dec KC down 10 @ 5.44, Dec MNPLS down 5 @ 5.50
- Paris milling futures higher today, due to declining domestic supplies
- Despite stocks being tight, Russia will not impose any export restrictions until February
- U.S. wheat prices still over-priced, but Russia is at record high prices in comparison
- Funds net sellers of 8K contracts SRW – Preliminary O/I -2,900 SRW & -2,300 contracts KC
- May Chi support @ 6.00 – resistance @ 6.15, May KC support @ 5.61 – resistance @5.82
CATTLE
- Dec LC down .35 @ 112.07 & Nov FC down .35 @ 140.27
- Concern that light packer interest may limit cash market gains
- Support from boxed beef prices increasing
- Corona still pressures market as new highs are set for infection cases
- Projected slaughter for today est. at 121K head
- Cash prices developing around 112-114 for LC & 135.97 as of 11/10 for FC cash index
HOGS
- Dec Hogs up 1.12 @ 65.92 & Dec Pork Cutout up .85 @ 81.82
- Commercial buyers enter keeping support above 65.00
- December futures almost even with February – 1.00 difference
- Hog slaughter 490K estimated today
- Cash lean index @ 71.37 as of 11/10
- O/I: -6,687 contracts for Dec
Author
Amberlee Bratcher