CORN
- December down 4 ¾ @ 3.63 ¾
- Net export sales 2.139M metric tons for 2020-21 – China primary buyer
- Some positive developments but harvest front and center
- 6-10 day forecast, U.S. western Corn Belt will experience best harvest weather
- Ethanol production last wk fell 2.2% to 906K barrels a day, down 4% from last yr
- Funds net sold 1,000 contracts & Open Interest up 6,500
- Dec corn support 3.60 – resistance 3.68
SOYBEANS
- November down 13 ¼ @ 10.01
- Net export sales 3.194M metric tons for 2020-21 – primary buyer China
- Harvest selling pressures to override China buying short-term
- Frost/freezes may occur in a part of the Midwest next week
- Funds sold 4,000 contracts & Open Interest down 4,000 contracts
- Nov soybeans support $9.87 – resistance $10.15
WHEAT
- December CHI down 1 @ 5.48 ¼, KC Dec down 2 @ 4.82 ¼, MNPLS Dec down ¾ @ 5.32 1/4
- Wheat net export sales 351K metric tons for 2020-21 – primary buyer S. Korea
- Weekend rains in Ukraine to ease fears of poor planting conditions
- Winter wheat planting will advance along with some summer crop harvesting
- 6-10 day forecast, U.S. HRW wheat production areas remain dry & warm
- Funds net sellers of 8,000 contracts of SRW Wheat & Open Interest down 470 contracts
- Dec Chi wheat support 5.35 – resistance 5.51 & DEC KC wheat support 4.64 — resistance 4.83 & Dec MNPLS support 5.22 – resistance 5.33
CATTLE
- October Live Cattle up .27 @ 107.42 & October Feeders up .30 @ 141.85
- Net export sales of 18K metric tons reported for 2020 – up 26% from last wk
- Traders expect cattle on feed supply near 3.3% above last year
- Firming support in FC trade feeding small gains in LC market today
- Open Interest lost 1,137 positions yesterday in LC & lost 140 positions in FC
- Cattle on Feed report, Friday (tomorrow) @ 2:00 p.m. CT
HOGS
- October down .20 @ 69.30
- Net export sales of 37.8K metric tons reported for 2020, down 25% from last week
- Pork values continue to advance pointing to better export flow
- U.S. hogs/pigs report to show herd steady from year ago
- Open Interest decreased 522 positions yesterday
- Volume of trade light after mediocre export sales report
- More price direction will be dictated by Hogs & Pigs report @ 2:00 p.m. CT today
Author
Amberlee Bratcher