Lakefront Morning Briefing

Lakefront Morning Briefing

Corn:
Dec corn down 1 overnight after testing its highest level since late November 2023 at the May highs of 506 1/2. Iowa tour yields came in at 194 BPA vs 198.4 last year but above the 3 year average, with final tour results out today. French conditions held at a record low 29% G/E. End of week profit taking is likely, but a close over the May highs would be a major bullish breakout: close in support at 493.

Soybeans:
Nov beans down 4 1/2 on profit taking as the tour wraps up with final results today: yesterday’s Iowa and Minnesota pod counts were better than early week legs. Export sales totaled 1.8 million tonnes with cumulative sales at 26.2% of USDA’s forecast vs the 5 year average of 21.4%. A close above the July highs at 1256 1/2 opens a longer term rally: pullback support just below 1210.

Wheat:
Sep Chicago wheat easing as the 6 to 14 day outlook turns wetter for the central Plains, including top producer Kansas. Yesterday’s close above 680 was a technical positive but a pullback may come first before a test of the July highs at 711: support at 666 and 660. The International Grains Council cut world production 4 million tonnes to 817 million.

Livestock:
Oct live cattle face a rough open after the White House announced a plan for 300,000 tonnes of tariff free ground beef imports, with gap down risk on top of next week’s border reopening. Key support is last week’s low at 215.22 and the Cattle on Feed report is out this afternoon: private analysts expect 102.5% on feed, 93.5% placed, 92.6% marketed. Oct hogs are retesting major support at 79.77 to 80.00: a close below 79.77 points to 77.10.

Reports Coming Out Today

Weekly Cattle Slaughter 1:00 PM
Weekly Hog Slaughter 1:00 PM
Cattle on Feed 2:00 PM
Commitment of Traders 2:30 PM