Corn: Dec corn up 3/4 overnight after finding buyers in the 450 to 460 support zone yesterday for an upside reversal, with the 9 day RSI under 20. Brazil's corn shipments to the EU so far in October are up 8 fold from a year ago, and private analysts cut Ukraine corn exports 18% to 17.2 million tonnes. A higher close today confirms the reversal: resistance at 479, support below 459.
Soybeans: Jan beans up 1 3/4 overnight after an 8th straight lower close, with soybean open interest down 16,727 contracts on managed money liquidation. China bought a few more cargoes and this morning's export sales should be very large. Harvest yields are still coming in strong, so any bounce is technical: Jan beans stopped short of support near 1243.
Wheat: Dec Chicago wheat down 1/4 overnight and Dec KC wheat down 2 1/4, pressured by Black Sea peace prospects and 1 inch plus rains due for the southwest Plains. Chicago wheat open interest rose 9,817 contracts as new shorts pressed, and Argentina's wheat harvest was raised to 23.8 million tonnes from 21.0 last month. No technical bottom yet: resistance at 649, key support at 617.
Livestock: Dec live cattle made new highs for the move and closed at 231.12, up more than $20 since Sep 1, with yesterday's high just under 232.65 resistance. Overbought ahead of Friday's Cattle on Feed, placements estimated at 91.7%, so expect profit taking. Dec hogs hit a new contract low as the pork cutout fell $4.49 to $74.20, a 6 year low, with support near 64.00.
Energy: Weekly ethanol production rose 2.7% from last week and ethanol stocks rose 2.6%. Higher output supports corn grind demand.
Reports Coming Out Today
Export Sales 7:30 AM
Natural Gas Storage 9:30 AM
|
