CORN
- Dec corn up 1 @ 4.07
- Managed Money Net positions – 290K contracts long
- Projection for tomorrow’s report is planting will drop 1 million acres to 90
- Tight soybeans supplies keep corn supported
- Weekly export sales at 690K mt versus last wk’s 721K mt
- Argentina & Brazil received insufficient rains – this week’s rainfall is critical
- Funds net sellers of 10K contracts – O/I -37,089 contracts
- Dec support @ 3.90 – resistance @ 4.07
SOYBEANS
- Nov up 6 @ 11.104 & Jan up 9 @ 11.10
- Managed Money Net positions – 210.9K contracts long
- Projection for tomorrow’s report is plantings will increase from 83.1 to 89 million acres
- Weekly export sales at 2.496M mt versus last wk’s 2.082 mt
- Argentina port workers launch strike over wages – affecting exports in all grains
- Daily export sale of 123K mt to unknown destination
- Funds net sellers 2K contracts – O/I Jan -3,247 contracts
- Jan support @ 10.88 – resistance @ 11.13
WHEAT
- Dec Chi down 1 @ 6.00, Dec KC down 1 @ 5.53, Dec MNPLS down 1 @ 5.56
- Managed Money Net position – 48.6K long Chi & 46.8K long KC contracts
- Weekly export sales at 304K mt versus last weeks 287K mt
- Projection for tomorrow’s report is planting will increase from 44.3 to 46 million acres
- Russia expected to see minimal rains
- Funds net sellers of 5K contracts SRW – O/I -20,089 & KC -12,893
- Dec Chi support @ 5.90 – resistance @ 6.12, Dec KC support @ 5.38 – resistance @5.61
CATTLE
- Dec LC up 2.45 @ 111.10 & Nov FC up 2.95 @ 140.65
- Projected hopeful vaccine may spark buyers who had leery before on demand concerns
- Future still very uncertain for cattle regarding demand & economy
- Projected slaughter for today est. at 118K head
- Cash prices undetermined for LC & 137.91 as of 11/4 for FC cash index
- O/I: -3,072 contracts for Dec LC & O/I: -305 contracts for Nov FC
HOGS
- Dec Hogs up .72 @ 65.65 & Dec Pork Cutout -2.00 @ 81.75
- Restaurant demand to recover in 2021 if vaccine effective
- Cash lean index versus futures premium continues to drop
- First trading day for new pork cutout futures
- Hog slaughter estimated at 490K head
- Cash lean index @ 71.52 as of 11/4
- O/I: -1,785 contracts