Corn:
Dec corn down 10 at a new monthly low after stop loss selling took out 523 overnight: the downside breakout of the month’s range turns the technical outlook negative and suggests a test of the 500 area. Nothing on corn came out of the summit’s first day, and export sales disappointed at 838,328 tonnes on the rising dollar. Intraday resistance is now 523: failure to close back above it points to further technical weakness early next week.
Soybeans:
Nov beans down 13 3/4 as summit premium comes out, with no major headlines from day one and no sign China will drop its 10% tariff on US beans. Cash meal is scarce in spots as the stalled harvest starves processors, with 2 to 5 more inches of rain coming for parts of the western belt through late next week. Nov still holds the month’s low at 1290 1/4: a break below shifts the edge to the bears and projects 45 cents lower.
Wheat:
Dec Chicago wheat down 15 3/4 and Dec KC down 16 1/2 at one month lows as remnants of tropical storm Polo set up the best southern Plains rain chances in months. Zelensky says India, Turkey, Egypt and Middle Eastern countries are all taking part in talks on Black Sea export safety, raising the odds of renewed ceasefire discussions. A first close below the 50 day moving average since early July looks likely: next support 675.
Livestock:
Dec live cattle eased but the technical edge stays with the bulls off Monday’s gap: a resumption of buying targets the mid September highs just over 225.00, intraday support at the 50 day at 220.10, with the biggest Mexico border crossing reopening today and a bipartisan bill introduced to reverse the beef import plan. Hogs and Pigs came in friendly with all hogs at 98.5% of last year vs 99.2% expected and the lowest summer farrowings in 13 years, though record pigs per litter and a heavier 180 plus pound category ease near term tightness. A firm opening is expected, especially in deferreds: above 71.62 the Dec correction resumes, support at 68.27, and Cold Storage is out this afternoon.
Energy:
Ukraine struck another major Russian refinery overnight, keeping energy infrastructure in the crosshairs despite ceasefire talk. Germany’s Rhine River hit a new record low, snarling river traffic and complicating EU grain and fuel logistics.
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