Corn futures were firm overnight, up 1 to 2 cents in the Dec contract after bouncing nearly 4 cents off their low yesterday before closing in negative territory. Look for consolidation today as a wet forecast could provide underlying support as harvest will once again be slowed. Dec corn is now hovering around its 20-day moving average after failing to maintain the 10-day MA. In the near term, farmers will continue to run as fast as they can to get as much done as conditions will allow. Trade estimates for this morning’s USDA Weekly Export Sales range between 450,000 and 750,000 tons.
Bean futures were up 2 to 3 cents overnight after rising off their lows yesterday and finishing mostly steady. New news may be lacking to provide support. Export sales and a wet forecast may give some underlying support today. Trade estimates for this morning’s USDA Weekly Export Sales range between 800,000 and 1.60 mil tons.
Wheat futures are called mixed. Dec Cbot wheat was down a penny overnight, KC flat/firm. Prices firmed yesterday, but after two weak closes on Monday and Tuesday, we are not convinced yesterday was anything more than a technical bounce. Mpls wheat is up a nickel as farmers opt to let the remaining 500,000 or so acres of spring wheat go unharvested due to wet conditions. Australia is dry, which may be reflected on the next USDA report as world supplies begin to shrink. For now, supplies are still considered more than adequate. Trade estimates for this morning’s USDA Weekly Export Sales range between 300,000 and 600,000 tons.
Cattle futures are called mixed to higher on a stronger technical picture. Prices looked a little tired, but yesterday they broke to the topside with the beef in cold storage report showing stocks 8% under last year. Dec live cattle reached their highest level since May 2nd. Good product demand is providing support.
Hog futures are called mixed to lower with a jump in hog weights viewed as a negative force. Hog futures remain volatile, and the most recent two sessions suggest that traders may be beginning to exit longs, or producers are hedging.