Corn:
Dec corn up 3 3/4 after bouncing off 526 1/2 again overnight, the key support heading into tomorrow’s WASDE. The report is expected to show yield at 178.1 BPA with ending stocks down to 1.511 billion bushels, and this month it includes actual field checks. Expana cut EU production to 19% below last year, the lowest since 1992: even on a friendly report, 555 to 560 looks like tough resistance.
Soybeans:
Nov beans up 6 3/4 on reports China bought 1 million tonnes of US beans this week, reaching roughly half of last year’s 25 million tonne commitment. Open interest climbed to another 2026 high, up nearly 17,000 contracts. Tomorrow’s WASDE should push Nov out of the 1304 to 1321 range: above 1324 points to 1341, close in support 1291.
Wheat:
Dec Chicago wheat up 2 after hitting a 2 week low overnight on talk Putin wants a deal to end the war, finding support at the July highs of 728. Russia says it will keep attacking ships carrying military equipment, and Ukraine struck a Russian Caspian Sea port with a long range drone. WASDE ending stocks are expected near steady at 718 million bushels: a strong close today would signal a near term recovery.
Livestock:
Oct live cattle held pullback support at 214.75, with cash expected higher than last week, asking prices near 225, and cutout up $3.20 to $380.77: retracement resistance sits just above 220. Dec hogs are now the lead contract: a move above this week’s high at 75.30 opens 76.50, and a 6 week head and shoulders bottom projects a run to 80.00. A pullback to 73.10 is a buying opportunity.
Energy:
Natural gas storage data due this morning. India says it will look to boost biofuel usage for energy security, a demand plus for the vegoil complex including bean oil.
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