Corn: Dec corn down 1 3/4 overnight after a 451 1/4 close, with a 5th straight lower weekly close expected. Open interest rose 9,092 contracts to its highest since late June and the 9 day RSI is under 20, but there is no technical bottom yet. Support at 448, then 430, with resistance at 462.
Soybeans: Jan beans down 1 3/4 overnight with open interest down 9,096 contracts as long liquidation continues and China bought only about 2 cargoes this week. Weekly export sales of 2.58 million tonnes put cumulative sales at 63.7% of USDA vs a 5 year average of 49.7%. Support at 1220, then the 200 day at 1200, with rallies toward 1246 resistance looking like selling opportunities.
Wheat: Dec Chicago wheat up 2 1/4 overnight after China inquired about US SRW for early next year, with Chicago volume the best since September 3. Weekly sales of 849,770 tonnes were well above the highest guess and stochastics crossed higher from deeply oversold. Resistance at 611, then 617 3/4, support at 596 1/2.
Livestock: Dec live cattle tested 100 day support at 225.30 and closed at 226.30, next support 223.75, as northern cash traded 221 to 226 and the boxed beef cutout fell $1.72 to $367.28. National hog cash jumped $7.22 and Dec hogs posted a potential reversal after a new low, with resistance at 62.60. The pork cutout is down to $70.76, near the December 2020 low of $70.17.
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