Corn: Dec corn down 2 overnight after private analysts raised the US crop to 16.203 billion bushels on a 183.1 bpa yield. Open interest rose 8,155 to the highest since June as new shorts join fund liquidation, and large flash sales have not sparked a bounce. Support at 439, then 436 1/2, with 430 the next target.
Soybeans: Jan beans down 10 3/4 overnight to an 11 week low, testing the 200 day near 1203. Private analysts raised US yield to 55 bpa and production to 4.725 billion bushels, and rains are forecast to reach drier central Brazil next week. A break of 1200 opens 1188.
Wheat: Dec Chicago wheat hit a 4 month low this morning after Russia, Ukraine and US peace talks were set for Nov 10 and 11. Russia’s October wheat shipments fell to 2 million tonnes vs over 6 million a year ago. Funds are heavily short with the 9 day RSI under 20: resistance at 605 3/4, then 613.
Livestock: Dec live cattle closed at 218.15 with northern cash as low as 215, a 1 year low and $6 to $9 below last week. Gap support at 217.50 needs to hold to avoid more fund liquidation. Dec hogs closed higher after a new contract low despite cash down $4.62, with the lean hog index at 65.75, lowest since January 9.
Energy: Black Sea attacks this week hit several Russian refineries. Dec bean oil, tied to energy markets through biofuel demand, fell to a 7 month low this morning.
Reports Coming Out Today
US Trade Balance 7:30 AM
Energy Stocks 9:30 AM
Ethanol Report 9:30 AM
Dairy Products Sales 2:00 PM
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