Corn: Dec corn down 2 3/4 overnight at a new low for the move, slipping below 460 support after 5 straight lower closes as fund liquidation continues. Harvest is past the halfway mark with a mostly dry 5 day forecast, and corn open interest rose 6,318. Dec corn is extremely oversold with value seen between 450 and 460 and resistance at 479.
Soybeans: Jan beans down 3 1/2 overnight and Dec meal down 1.40, with soybean open interest up 12,787. China and unknown destinations bought just under 1 million tonnes this week with no market reaction. Nov beans closed at 1248 1/4, below 1250 support, and look headed toward 1230.
Wheat: Dec Chicago wheat down 4 3/4 and Dec KC wheat down 5 1/4 overnight after Russia agreed to join trilateral Black Sea peace talks. Dec Chicago wheat closed at 643 1/4, below the 200 day moving average for the first time since late June and below 650 support, with minor support at 626. Egypt reportedly bought up to 6 cargoes of optional origin wheat overnight.
Livestock: Dec live cattle closed at 230.17, the highest since July 13 and above the 200 day moving average for the first time in more than 2 months, with resistance at 232.65. Boxed beef cutout rose $1.72 to $373.30 ahead of Friday's Cattle on Feed report. Dec lean hogs closed at 67.15 with resistance at 67.70 and support near 64.00, while the lean hog index fell to 73.40, the lowest since February 5.
Energy: Today's weekly ethanol production is expected at 1.094 million barrels per day, up from 1.065 last week, with stocks seen at 23.91 million barrels vs 23.94. Higher ethanol output adds to corn grind, but demand has not yet been enough to support Dec corn, down just over 90 cents since early September.
Reports Coming Out Today
Energy Stocks 9:30 AM
Dairy Products Sales 2:00 PM
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