Corn: Dec corn down 3 overnight at its lowest since July 10 after Lula's surprise win in Brazil sent the real sharply lower, making Brazilian corn more competitive. Managed money net long dropped just over 84,000 contracts to 146,000, a 3 month low. Dec corn failing to hold 450 opens the 430 to 437 support area.
Soybeans: Jan beans down 17 1/4 overnight, gapping to a new 2 month low as the real crash cuts US export competitiveness. Open interest fell 30,543 contracts Friday and managed money sold across the soy complex in the latest positioning data. Jan beans gap resistance at 1263, intraday support at the 100 day near 1244, then 1220.
Wheat: Dec Chicago wheat up 1 overnight, stuck in a 10 cent range for several sessions. Managed money extended their net short to a 15 week high of just over 51,000 contracts while Black Sea peace prospects and southern Plains rains cap rallies. Value in the 610 to 620 range: resistance at 633, support at 617 and 610.
Livestock: Dec live cattle closed at 231.12 with a higher start expected after September placements came in at 87.9% of last year, the lowest since records began in 1996. Cutout fell $3.68 to $365.79, but the trend points higher with Dec live cattle resistance at 232.65, then 235.30. Dec hogs closed at 65.57 near contract lows with the lean hog index at 72.15, lowest since January 31, and long term support near 64.00.
Reports Coming Out Today
Export Inspections 10:00 AM
Crop Progress 3:00 PM
|
