Corn: Dec corn up 1 overnight after a new low for the move and Monday's close at 467. Harvest is 44% done vs the 54% average with Iowa 24% behind, and open interest fell 10,794 contracts as fund long liquidation continues. Resistance at 479, with value seen between 450 and 460.
Soybeans: Jan beans up 4 1/4 overnight with Dec bean oil up 0.56. Nov beans tested 1250 retracement support after Monday's close at 1253 1/2, and a close below it risks more fund long liquidation. Harvest is 64% done vs the 65% average, with Nov resistance at 1271, then 1279.
Wheat: Dec Chicago wheat up 4 3/4 overnight after testing retracement and 200 day moving average support. Winter wheat planting is 63% done vs the 69% average, a record low for the date, with Oklahoma at 37%. After a $1.42 drop since early September the bearish news looks close to priced in, and buying Dec Chicago wheat on a pullback to 658 makes sense.
Livestock: Dec live cattle closed at 228.02 inside Friday's range after a 10 week high, with the 200 day moving average at 229.40 the level to clear, then 232.65. Boxed beef cutout fell 73 cents to $371.58 and the cash average is steady at 224.09. Dec lean hogs closed on the low at 66.32 with the index at 74.19, the lowest since February 14, and support near 64.00.
Energy: Crude jumped more than $5 a barrel overnight to its highest since late April after tankers hit mines in the Strait of Hormuz, lifting Dec bean oil 0.56 and pulling Jan beans up 4 1/4. Higher fuel and freight costs could slow Black Sea wheat exports further, and an $8 billion farmer aid package was announced last night to offset high fuel costs.
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