CORN
- Dec down 1 @ 4.07
- Corn sales are running 179% ahead of last year
- Ukraine likely to harvest between 26-33 mt this year versus 35.9 mt in 2019
- Daily export sale of 206.9K mt to unknown destination
- Too much weather uncertainty for South America, China demand strong
- Funds net buyers of 14K contracts – O/I -19,682 contracts
- Dec support @ 4.05 – resistance @ 4.17
SOYBEANS
- Nov down 2 @ 10.99 & Jan down 1 @ 11.02
- Soybeans sales are running 132% ahead of last year
- China demand still strong but not as aggressive as last month
- Daily export sales of 132K mt to China & 272K mt to unknown destination
- Recent rains in Argentina give a boost to the start of soybean planting
- Funds net buyers of 16K contracts – O/I Jan -6,250 contracts
- Jan support @ 10.88 – resistance @ 11.13
WHEAT
- Dec CHI down 4 @ 6.05, Dec KC down 5 @ 5.57, Dec MPLS down 4 @ 5.56
- Wheat sales running 12% ahead of last year
- Australian wheat prices slip under Black Sea prices due to near-record crop
- Russia trending cooler in 10-day forecast, limits improvement from recent rains
- Will need lots of help on the supply side to tighten stocks
- Funds net buyers of 3K contracts SRW – O/I -7,801 & KC -3,984
- Dec CHI support @ 5.98 – resistance @ 6.26; Dec KC support @ 5.54 – resistance @ 5.81
CATTLE
- Dec LC up 0.47 @ 108.82 & Nov FC up 0.57 @ 138.15
- Outside markets may influence prices more than cash trade or boxed beef movement
- Very strong demand tone but weight hit a record high
- Projected slaughter for Friday estimated at 118K head
- Cash prices light around 106-107 LC & 137.91 as of 11/3 for FC cash index
- O/I: -3,072 contracts for Dec LC & O/I: -1,099 contracts for Nov FC
HOGS
- Dec down 2.15 @ 65.27
- Traders hopeful pork values & stability in cash hog will lend support
- September exports of pork increased 10% from last year, keeping exports at record pace
- Dec futures need to hold support level of 65.00 to discourage further selling
- Hog slaughter estimated at 488K head
- Lean index continues to give up premium to futures
- Cash lean index @ 71.52 as of 11/4
- O/I: -1,785 contracts
Author
Amberlee Bratcher