Top Farmer Midday Update 10-26-20

CORN

  • Dec down 2 cents @ 4.17 1/4
  • Managed money net position: 218.8K long
  • Corn appears over bought with funds buying 48K contracts in 1 week
  • USDA weekly export inspections 636,290 down from last wk
  • Funds net buyers of 9K contracts – O/I: -14,500 contracts
  • Dec support @ 4.09 & resistance @ 4.20

SOYBEANS

  • Nov down 1 ¾ cent @ 10.82
  • Managed money net positions: 231.8K contracts long
  • Surge in Palm Oil may boost prices
  • Daily export sales of 135K mt to Philippines & 120.7K to unknown
  • USDA weekly export inspections 2.664M – up from last wk
  • First notice day for Nov futures 10/30
  • Funds net buyers of 8K contracts – O/I: -40,000 contracts
  • Jan support @ 10.63 & resistance @ 10.88

WHEAT

  • Dec Chi down 11 ¾ @ 6.21, Dec KC down 17 ½ @ 5.52 ¼, Dec MNPLS down 10 @ 5.67 ½
  • Managed money net position: 49.7K contract long & KC – 38.1K contracts long
  • Active imports with some new crop concerns
  • USDA weekly export inspections 363,806 – up from last wk
  • Funds net sellers of 6K contracts SRW – O/I: +845 contracts SRW & +1,400 contracts HRW
  • CHI resistance @ 6.17 & support @ 6.38, KC resistance @ 5.53 & support @ 5.80 & MNPLS resistance @ 5.70 & support @ 5.88

CATTLE

  • Oct LC up .55 @ 133.85 & Oct FC down .02 @ 133.50
  • Cattle on Feed report, bearish up placements up 6% versus 3.5% expectation
  • Coronavirus concerns keep pressure – cold weather may become a concern later this wk
  • Feeder cattle options/futures expire 10/29, Live cattle futures expire 10/30
  • Cash prices around 106 last wk for LC & @ 134.01 as of 10/22 for FC
  • O/I: +983contracts for LC & O/I: +458 contracts for FC

HOGS

  • Dec down .42 @ 66.62
  • Pork cutouts fell to 93.25
  • Oversold & bid Dec discount, recovery bounce potential
  • Cash lean index for 10/21 was 78.60
  • O/I: -377 contracts



Market Commentary provided by:

Total Farm Marketing
137 South Main Street, West Bend, WI 53095
Phone: 800-334-9779
E-mail: Matt@TotalFarmMarketing.com
Web: www.TotalFarmMarketing.com