Corn: Dec corn down 1 3/4 overnight, testing this month's 470 low after Friday's close at 474 1/4, the lowest since mid August. Managed money cut its net long 27% to 230,877 contracts with another clear harvest week ahead. A break below 470 opens 460, with resistance at 478 1/4.
Soybeans: Nov beans closed Friday at 1261 1/4, the lowest since August 25, even after 1.87 million tonnes of buying by China and unknown destinations last week. Managed money trimmed its net long by 14,169 contracts to 237,491. Nov beans support at 1250, then 1230, with resistance at 1271.
Wheat: Dec Chicago wheat unchanged overnight after Friday's close at 660 1/2, the lowest since August 11. Managed money added 3,495 contracts to its net short, now 33,038. US SRW is now competitive with European wheat and longer term support near 650 should slow the decline, with resistance at 675.
Livestock: Dec live cattle closed Friday at 228.32, the highest since August 5, as cash bids in Kansas and Texas rose to 228. Next test is the early August high and 200 day moving average near 229.45, then 232.65. Dec lean hogs closed at 66.90 with managed money at a record net short of 42,088 contracts while national base cash fell $4.61 Friday; resistance at 67.95.
Energy: Crude is steady this morning, giving bean oil no outside lift, and Dec soybean oil closed Friday at 67.13, below its 9 day moving average. Ukraine is in safe shipping talks with Turkey, India and Egypt and says it is ready for fresh peace talks, while Russia struck Ukrainian power substations over the weekend.
Reports Coming Out Today
Export Inspections 10:00 AM
Crop Progress 3:00 PM
