Corn: Dec corn up 2 1/4 overnight after closing at a 3 1/2 month low of 448 3/4, below 450 support. Open interest rose 18,872 contracts on the break and Dec is down about $1 over 2 months with the 9 day RSI at 13. Next major support near 430, resistance at 460 on a bounce.
Soybeans: Jan beans up 4 3/4 overnight and still holding Monday’s 1239 low, a key pivot. Parana planting is 62% complete vs 71% last year on wet weather, and first notice day for Nov soybeans is Friday. A close below 1239 points to 1220, resistance at 1262.
Wheat: Dec Chicago wheat up 1 1/4 after a new move low below 610 overnight, with stochastics in single digits. US attache reports raised Argentina and Australia production above USDA’s October estimates, and southern Plains rains are due this weekend. Watching 610 for a bottom, support at 606, then 603 1/2.
Livestock: Dec live cattle closed at 230.82 after stalling near 232.65 resistance, and a close over 233.00 is needed for new buying. Boxed beef cutout up $2.78 to $372.22. Dec hogs closed at 62.02 after a 6 year low as cash fell nearly $10 this week, with pork cutout at $73.12 and next support at 60.90.
Energy: Weekly ethanol production today is expected at 1.108 million barrels per day, up from 1.094 last week, with stocks seen at 24.558 million barrels, unchanged. Higher ethanol output adds to the corn grind, but it has not offset harvest pressure on Dec corn, down about $1 over 2 months.
Reports Coming Out Today
Energy Stocks 9:30 AM
Dairy Products Sales 2:00 PM
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