CORN
- December down 0.0525 @ 3.6175, March down 0.045 @ 3.71, May down 0.0425 @ 3.7675
- Corn harvest was seen @ 15% complete vs 10% last year and 20% on average
- G/EX was unchanged @ 61%
- Below-normal rainfall for the next two weeks should help speed up harvest
- December futures made a bullish outside session yesterday after a successful test of the 20 and 200-day moving average support levels
- Corn prices have fallen back below the 20-day moving average support but are holding the 200-day so far
- Lack of follow-though buying on yesterday’s reversal-type action is disappointing
SOYBEANS
- November down 0.0775 @ 9.885, January down 0.0775 @ 9.925, March down 0.0675 @ 9.895
- Harvest reported @ 20% complete vs 6% last year and 16% on average
- G/EX came in @ 64% vs 59% on average
- Talk of better than expected yields in the central Corn Belt
- Brazil plantings are slow due to lack of moisture and a lack of rain in the near-term forecast shouldn’t change that
- November beans held the 20-day moving average support level yesterday afternoon but quickly fell through this morning
- A close below the 20-day would be the first since August 12 and could spark even more of a pullback
WHEAT
- December CHI down 0.0175 @ 5.485, December KC down 0.0475 @ 4.78, December MPLS down 0.03 @ 5.2675
- US dollar making a pullback and currently holding the 10-day moving average support
- US winter wheat planting seen @ 35% complete vs 20% last week, 34% last year and 34% on average
- The Russian winter wheat crop is about 60% planted but topsoil is very dry
- CHI futures tested the 10 and 20-day moving average resistance levels this morning but have since backed off
- KC futures tested the 10 and 200-day moving average resistance but have fallen back through the 20-day moving average
- Spring wheat is trading in an inside session and has fallen below the 50-day moving average support
CATTLE
- October lives up 0.62 @ 108.57, December lives up 0.95 @ 112.60, February lives up 0.90 @ 115.92
- October feeders up 1.85 @ 142.77, November feeders up 2.52 @ 143.62
- Heavy carcass weights and expectations that slaughter could increase soon
- Beef trend is choppy to lower
- Cash trade was quiet yesterday but the firming prices at the end of last week are supportive
- October lives gapped higher this morning and tested the upper Bollinger Band resistance line
- October feeders are testing the 50-day moving average resistance level this morning, and a close above would be the first since September 15
HOGS
- October up 0.20 @ 72.90, December down 1.35 @ 62.67, February down 1.22 @ 67.47
- Cash Index trend is still higher
- Highest pork prices since May
- Lower US dollar should help to spur some more export activity
- October futures are trading in a quiet two-way range
- December and February futures have fallen below the 10-day moving average support levels but held the 20-day moving average support