CORN
- September up 0.0625 @ 3.5625, December up 0.04 @ 3.6425, March up 0.035 @ 3.7425
- China corn futures rallied overnight to their highest prices in 5 years
- Talk that China could import up to 30mmt of corn vs current USDA estimate of 7mmt
- Traders are expecting a lower US crop estimate on tomorrow’s report
- December corn tested and held the 10-day moving average support for the seventh session in a row this morning
- Dec futures are trading at their highest level since March 27
- Funds sold 5,000 contracts yesterday
SOYBEANS
- September up 0.0325 @ 9.83, November up 0.005 @ 9.7925, January unchanged @ 9.8325
- Talk of frost damage this week in the Dakotas and Minnesota
- Talk that weather this year has been similar to 2003 where USDA dropped soybean yield 6 bushels from August to January
- Expectations for better demand and smaller production on tomorrow’s report
- November beans made their 12th consecutive higher close yesterday
- November futures made higher highs today for the sixth session in a row
- Technicals are sharply overbought
- Funds bought 6,000 contracts yesterday
WHEAT
- December CHI up 0.095 @ 5.5325, December KC up 0.1075 @ 4.8175, December MPLS up 0.065 @ 5.42
- US dollar is lower today
- Dryness in Ukraine and Russia have slowed plantings
- European futures are at their highest prices since mid-July
- CHI futures have pushed back above the 10-day moving average resistance after a successful test of the 200-day moving average support
- KC futures are testing their 200-day moving average resistance level
- MPLS futures are testing their 10-day moving average resistance level
- Funds were net even in CHI wheat yesterday
CATTLE
- October lives up 0.87 @ 105.57, December lives up 0.65 @ 109.80, February lives up 0.75 @ 114.17
- September up 1.20 @ 139.60, October up 1.85 @ 140.10
- Cash cattle trade so far this week has come up 1.00-2.00 lower than last week
- Beef trend is lower
- Futures are trading at a wider than normal premium to cash
- October lives are testing the 50 and 200-day moving average resistance levels
- Stochastics are making a bullish crossover
HOGS
- October up 3.00 @ 64.37, December up 3.00 @ 62.85, February up 3.00 @ 67.40
- African swine fever was found in a dead wild boar in Germany yesterday
- Pork and cash hog trend is higher
- Slaughter pace normally increases significantly from September to November
- October hogs gapped higher this morning and are locked at the highest prices since March 13
- December hogs are starting to fill the gap created mid-March but created another gap this morning