CORN

• December down 3/4 @ 3.69, March down 3/4 @ 3.7875, May down 1/4 @ 3.8425
• More selling expected as the harvest progresses
• Dec pushed against resistance levels of 3.73 and pulled back
• Despite yesterday’s move lower, open interest increased
• Crop progress rates condition 61% G/E – 1% higher from last week
• 8% of crop harvested, mainly in southern states.
• Export sales of 140,000 metric tons of corn for delivery to China during the 2020/2021 marketing year & 320,000 mt to unknown destinations.

SOYBEANS

• November up 3 3/4 @ 10.2625, January up 3 1/4 @ 10.3050, March up 4 @ 10.2450
• Extreme overbought technical indicators
• Good weather should support harvest progress
• November pushing against resistance levels of 10.27
• Despite yesterday’s move lower, open interest virtually unchanged.
• Crop progress rates condition 63% G/E – unchg from last week
• 6% of crop harvested, exclusively in southern states
• Export sales of 266,000 metric tons of soybeans for delivery to China during the 2020/2021 marketing year & 264,000 mt to unknown destinations.

WHEAT

• December CHI up 6 @ 5.6075, December KC up 8 1/4 @ 4.9525, December MPLS up 8 1/2 @ 5.4325
• KC wheat once again testing resistance levels of $4.95
• Despite yesterday’s move lower, open interest virtually unchanged.
• Crop progress reported 20% of winter wheat planted
• Milling wheat futures in France up .4% close to recent highs
• US dollar up for the morning
• Increase in Black Sea cash wheat prices supportive for prices
• Winter wheat planting stalled in Ukraine & areas of Russia due to drought

CATTLE

• October up 0.05 @ 106.75, December down 0.10 @ 110.52, February down 0.27 @ 114.97
• October feeders down 0.45 @ 141.80, November feeders down 0.50 @ 142.225
• Futures mixed today on light trade volume
• If slaughter moves above a year ago, beef production jumps
• Boxed beef values are firming
• Technically LC futures are choppy but looking to trend sideways
• Dec futures holding premium to cash
• Open interest for LC down by 54 & for FC up 187
• Cash price for FC @ 141.98 & in the south LC posted prices of 106+

HOGS

• October up 2.55 @ 68.15, December up 2.75 @ 64.30, February up 2.27 @ 69.50
• Lack of follow thru pressure in outside markets pushed prices higher
• Chart patterns looks bearish but cash and product in uptrend
• Export sales @ 50K mt last week
• Firm retail prices
• Cash Index up 1.74 to 69.58 – compared to futures @ $68.15
• Chinese supplies continue to tighten driving up prices

Author

Amberlee Bratcher