Lakefront Morning Briefing

Lakefront Morning Briefing

Corn:
Dec corn gapped higher overnight, up 14 1/2 at a new 3 year high after Pro Farmer’s final yield of 173.2 BPA came in well below USDA’s 180.7 with production down 9.9% from a year ago. Managed money’s net long is likely near 290,000 after last week’s rally, still below the record 435,000. Next resistance is the 550 to 560 area with initial support at last night’s gap at 509.

Soybeans:
Nov beans down 2 in a tame reaction to Pro Farmer’s final yield of 53.3 BPA, above USDA’s 52.7. Strong China demand is cushioning the downside: new crop purchases have topped 10 million tonnes and managed money added over 50,000 contracts last week. Close in support at 1226, and taking out last week’s high at 1244 1/2 opens a quick test of the July highs at 1256 1/2.

Wheat:
Dec Chicago wheat up 14 1/2 after Russia rejected Ukraine’s weekend truce offer on grain exports, with southern Plains heat running 2 more weeks. Managed money trimmed their Chicago net short to 26,485 while the Kansas City net long grew to nearly 35,000. Dec Chicago wheat is inching toward the July highs at 720 1/4: a break of the neckline near 733 projects a rally well above $8.00.

Livestock:
Oct live cattle expected to open strong after Friday’s Cattle Report showed placements at 89.0% vs 93.8% expected, with on feed at 101.8% also below estimates. Friday’s $5 rebound off the lows on heavy volume could start an upside correction: close in support 216.25, resistance 220.85. Oct hogs bounced off a new 2026 low Friday and a strong close today raises reversal odds: resistance 82.45, key support at Friday’s low of 79.67.

Reports Coming Out Today

Export Inspections 10:00 AM
Crop Progress 3:00 PM