Corn:
Dec corn up 1 3/4 overnight and back near this month’s highs after Pro Farmer Day 2 pegged Nebraska at 163.61 BPA, the lowest since 2022 and well below last year’s 179.5. Indiana came in at 183.54 vs 193.82 last year, and the tour moves through the central belt today with final results tomorrow afternoon. A close over 492 opens a challenge of this year’s highs at 506 1/2: pullbacks to 480 or below should find support.
Soybeans:
Nov beans up 11 as Day 2 pod counts also disappointed: Nebraska at 1219.62 vs 1348.31 last year and Indiana at 1318.64 vs 1376.59. Flash sales to China have totaled 777,000 tonnes since August 11 and the tour heads into Iowa and Illinois today. Further weak counts could prompt a test of last month’s highs at 1256 1/2: close in resistance 1239, support 1205.
Wheat:
Sep Chicago wheat down 1/4 as Black Sea supplies pile up at Russian and Ukrainian ports, muting the reaction to fresh attacks: Ukraine hit 5 Russian grain vessels overnight and Russia hit 2 cargo ships at Odessa. Private analysts expect August Russian wheat exports at the lowest since 2010. Needs a close over 680 to open a further rally, pullback support at 651.
Livestock:
Oct live cattle barely ended the streak of lower closes as the cutout jumped $11.58 to $391.15. Support at 217.75 held with key support at Friday’s low of 215.22, and private analysts peg Friday’s cattle on feed at 102.5% on feed, 93.5% placed, 92.6% marketed. Oct hogs tested the June lows at 79.77 with the cash index lower 9 straight days: a close below 79.77 points to 77.10.
Energy:
Weekly ethanol production is expected at 1.111 million barrels per day, down from 1.117 last week, with stocks seen at 24.603 million barrels: a direct read on corn grind demand. Brazil’s ethanol production is also raising domestic corn use there. Energy stocks data is due this morning alongside the ethanol report.
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