CORN
- December down 4 ¾ @ 3.63 ¾
- Basis has started to slide toward harvest levels in many areas
- Corn export wire quiet again today
- Ethanol margins are steady
- 6-10 day forecast, U.S. western Corn Belt will experience best harvest weather
- Funds net sold 17,000 contracts & Open Interest down 800
- Dec corn support 3.60 – resistance 3.71
SOYBEANS
- November up 6 @ 10.06
- Market sentiment is China may be about done buying – no sales today/yesterday
- Argentine farmer selling slow with Brazil heavily sold ahead
- Frost/freezes may occur in a part of the Midwest next week
- Funds sellers of 13,000 contracts & Open Interest down 5,300 contracts
- Nov soybeans support $9.90 – resistance $10.15
WHEAT
- December CHI down 4 1/2 @ 5.45 1/4, KC Dec down 7 1/4 @ 4.75 3/4 MNPLS Dec down 4 @ 5.30 3/4
- Dollar up today and profit taking putting pressure on market today
- Weekend rains in Ukraine however Russia remains dry
- 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 buyers of 1,000 contracts of SRW Wheat & Open Interest down 2300 contracts
- Dec Chi wheat support 5.43 – resistance 5.57 & DEC KC wheat support 4.77 — resistance 4.91 & Dec MNPLS support 5.29 – resistance 5.38
CATTLE
- October Live Cattle up .05 @ 108.07 & October Feeders down .57 @ 141.70
- Highest weight since Nov 2015 suggest cattle are backed-up
- Focus on increased cash cattle trade & recent gains in boxed beef
- Increased cattle numbers from a year-ago levels are expected in today’s report
- Expectation that FC placements during Aug may be higher than projections
- Firming support in FC trade feeding small gains in LC market today
- Open Interest gained 1,619 positions yesterday in LC & added 321 positions in FC
- Cattle on Feed report, today @ 2:00 p.m. CT
HOGS
- October up 1.60 @ 71.07
- Long term bearish forces but ash news is supportive
- Hogs up today as traders adjust positions following increased inventory levels
- Hog numbers 1% above year-ago levels & same for market hogs
- Cash hog bids expected to $1low to $2 per cwt higher
- Open Interest decreased123 positions yesterday
Author
Amberlee Bratcher