Corn: Dec corn down 1/2 overnight after a 451 3/4 close held above 450 again. Open interest rose 29,205 contracts and is up nearly 60,000 over the last several sessions while Dec holds a 7 1/2 cent range this week. Stochastics in single digits favor short covering into the weekend, but there is no confirmed low yet: support at 449, then 430, resistance at 462.
Soybeans: Jan beans down 7 1/2 overnight to a new move low after their 1st close below the 100 day moving average since the end of June. Open interest fell 26,149 contracts and is down more than 125,000 over the past week as speculative longs exit, while Dec bean oil broke down out of a nearly 5 month consolidation. Support at 1220, then the 200 day at 1200, with rallies toward 1246 resistance looking like selling opportunities.
Wheat: Dec Chicago wheat down 3/4 overnight after a new move low as Russia reopened its Sea of Azov ports, closed since July 10. Open interest rose 4,933 contracts in Chicago and 2,938 in KC as funds add to net shorts, and Plains moisture this weekend favors the winter wheat crop. Dec Chicago wheat closed at 599 with the 9 day RSI at 11.55 and no sign of a bottom yet: support at 588 1/4, then 580.
Livestock: Dec live cattle closed at 227.32 on heavy selling as a nearly $22 rally since late August stalled, with support at 225.90, then 223.75. Northern cash traded 224 to 225, $3 to $5 lower, and the boxed beef cutout fell $3.22 to $369.00. Dec hogs closed at 58.60, down more than $7 this week, with the pork cutout at $72.51 and no sign of a bottom ahead of 56.90 support.
Energy: Weekly ethanol production rose 2.2% from the prior week and ethanol stocks fell 0.1%, a modest plus for corn grind demand with Dec corn holding above 450. Russia authorized ships to leave its Sea of Azov ports, closed since July 10, and is offering permits for Kerch Strait shipping, which could lift Russian grain exports and added pressure to Dec Chicago wheat.
Reports Coming Out Today
Export Sales 7:30 AM
Natural Gas Storage 9:30 AM
