Lakefront Morning Briefing

Lakefront Morning Briefing

Corn:
Dec corn up 1 1/4 overnight after holding 458 support last week. French G/E down another 3% to 31% vs 67% last year and private analysts cut Ukraine’s total grain exports to 39.4 million tonnes from 43.1. Wednesday’s WASDE is expected to tighten old crop stocks and cut EU production further, giving bulls the slight edge.

Soybeans:
Nov beans up 6 3/4 on strong China demand last week and another 500,000 tonne reserve auction announced. COT showed managed money sold nearly 30,000 contracts, net long now 125,000. Testing resistance at 1182: above there targets 1199. WASDE yield est. unchanged at 53 BPA, new crop stocks 306 vs 310.

Wheat:
Dec Chicago wheat up 8 3/4 with no slowdown in Black Sea attacks over the weekend. Ukraine says grain storage shortfalls could reach 11 million tonnes. Sep Chicago held 50 and 100 day support last week, stochastics turning higher from oversold. Resistance at 659, then 669.

Livestock:
The White House hinted overnight at impending action on beef prices, which may trigger long liquidation. Oct live cattle stalled at 230 last week and open interest dropped another 8,100 contracts. Cash 235 to 237 north, 236 south, support 224.15 then 222.05. Oct hogs continue lower with lean hog index at 96.66, pork cutout $101.51, support 80.20.

Reports Coming Out Today

Export Inspections 10:00 AM
Crop Progress 3:00 PM