CORN

• Dec down 1 @ 3.99
• Corn virtually flat among pending election results
• Brazil corn prices are record high
• Ethanol production avg 961K barrels per day – down 5.23% last year
• Funds net buyers of 10K contracts – O/I -7,306 contracts

SOYBEANS

• Nov up 11 @ 10.70
• Palm oil hits highest in 10 months on tight supply outlook
• Weather in South America too dry & warm for the next 10 days
• Brazil soy stocks are the smallest in over 20 years
• Soy crush supportive to prices, at reaching $1.45 per bu.
• USDA report Tuesday, could lower yield & raise exports
• Funds net buyers of 2K contracts – O/I -1,189 contracts

WHEAT

• Dec CHI down 6 @ 6.02, Dec KC down 2 @ 5.54, Dec MPLS down 1 @ 5.50
• Weather in Russia remains dry and expected to persist
• Ongoing conflict with Australia & China may leave the door open for increased shipments of U.S. wheat
• Ongoing dryness in Argentina continues to shrink wheat crop
• Funds net buyers of 9K contracts SRW – O/I -5,332 & KC -3,117

CATTLE

• Dec LC down 0.55 @ 107.27 & Nov FC down 0.40 @ 135.72
• Live cattle down despite recent boost in beef values
• Still looming concern for demand due to COVID-19 resurgence
• Projected slaughter for Tuesday estimated at 120K head
• No cash prices for LC & 138.03 as of 11/2 for FC cash index
• O/I: -2,499 contracts for Dec LC & O/I: -1,099 contracts for Nov FC

HOGS

• Dec up 0.45 @ 65.87
• Need to hold this support level of 65.00 in Dec or further selling pressure may be invited
• Traders look for cash values to firm & pork cutout values to stabilize
• Hog slaughter estimated at 490K head
• Cash lean index @ 72.88 as of 11/2
• O/I: -1,588 contracts

Author

Amberlee Bratcher