TFM Midday Update 11-9-2020

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

Author

Amberlee Bratcher

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