CORN

• Dec up 8 @ 4.13
• Export sales of 2.610M mt – up 16% from last week
• Harvest near complete in U.S.
• South American weather dryness will keep concerns on crop
• Funds net buyers of 6K contracts – O/I -31,043 contracts
• Dec support 4.40 & resistance @ 4.16

SOYBEANS

• Nov up 25 @ 11.04 & Jan up 18 @ 11.05
• Export sales 1.530M mt – down 6% from last week
• Malaysia pal oil jumps 28 yr high
• Brazil still dry through weekend, may get some rains next week
• Demand still very strong from China & South America
• USDA report Tuesday, could lower yield & raise exports
• Funds net buyers of 13K contracts – O/I -373 contracts
• Jan support 10.83 & resistance @ 11.10

WHEAT

• Dec CHI up 9 @ 6.15, Dec KC up 9 @ 5.68, Dec MPLS up 7 @ 5.64
• Export sales of 597.1K mt – down 20% from last week
• Russia trending cooler over next week, limiting crop improvement from rains
• Funds net sellers of 2K contracts SRW – O/I -7,278 & KC -3,023
• Dec CHI support @ 6.12 & resistance 6.29, Dec KC wheat support 5.52 & resistance 5.80, Dec MPLS wheat support 5.59 & resistance 5.73

CATTLE

• Dec LC down 0.02 @ 107.85 & Nov FC down 0.50 @ 137.20
• Limited cash support & steady gains help beef values support market
• Beef exports remained limited @ 20,400 mt – Japan & South Korea largest buyer
• Projected slaughter for Thursday estimated at 120K head
• Limited cash for 106-107 for LC & 138.57 as of 11/3 for FC cash index
• O/I: -1,982 contracts for Dec LC & O/I: -1,008 contracts for Nov FC

HOGS

• Dec up 0.30 @ 66.65
• Holding support but China’s demand backing off could keep prices capped
• Pork exports 42,200 mt – Mexico largest buyer, followed by China
• Traders look for cash values to firm & pork cutout values to stabilize
• Hog slaughter estimated at 489K head
• Cash index prices only $6+ plus over Dec futures vs last week’s $10+
• Cash Lean Index @ 72.05 as of 11/3
• O/I: -1,415 contracts

Author

Amberlee Bratcher