CORN
- Dec down 3 @ 3.95
- Weekly export inspection 283.7K mt versus 636K mt last week
- Managed money net position: 276.2K long
- Daily export sales of 204K mt of corn – unknown delivery
- Argentina weather will be mostly dry this week
- Bear outside market forces but demand is still strong
- Funds net sellers of 3K contracts
- Dec support @ 3.93 & resistance @ 4.01
SOYBEANS
- Nov down 7 @ 10.49
- Weekly export inspection 1.483M mt versus 2.664M mt last week
- Managed money net position: 232.7K long
- Brazil rainfall most significant in Mato Gross through Goias over the weekend
- Virus case surge & improved Brazilian weather could push prices lower
- Funds net buyers of 3K contracts
- Jan support @ 10.34 & resistance @ 10.56
WHEAT
- Dec Chi up 7 @ 6.05, Dec KC up 9 @ 5.51 , Dec MPLS up 2 @ 5.54
- Weekly export inspections 293.9K mt versus 363.8K last week
- Managed money net position: 48.8K long Chi, 41.4K long KC
- Southern Russia received rains – however most too little too late to help the driest areas
- U.S. HRW wheat will get additional rains into early next week
- Funds net sellers of 4K contracts SRW
- CHI resistance @ 5.87 & support @ 6.10, KC resistance @ 5.32 & support @ 5.48 & MPLS resistance @ 5.44 & support @ 5.57
CATTLE
- Dec LC down 0.42 @ 107.87 & Nov FC down 0.82 @ 136.57
- The industry may be better equipped to hold slaughter normal
- Futures trying to adjust positions from last week’s shift higher
- Traders closely monitoring beef values – still concern for demand
- Beef cutouts expected to be higher with light box movement.
- Friday’s slaughter est. at 114K head, 4K below a year ago
- No cash prices for LC & @ 136.76 as of 10/29 for FC cash index
- O/I: -3,359 contracts for Dec LC & O/I: -957 contracts for Nov FC
HOGS
- Dec down 0.75 @ 64.82
- Weak cash trend and turn down in pork values bearish
- Inability to hold prices above $65, could spark further selling pressure
- Hog slaughter estimated at 488K
- Cash lean index @ 74.49 as of 10/29 – premium above futures but still dropping
- O/I: -663 contracts
Author
Amberlee Bratcher