CORN: Corn futures traded narrowly mixed overnight as the month of September gets underway. This crop will need plenty of time to mature. Cooler temperatures are suggesting even additional days will now be needed. Managed Money was seen net short an estimated 94,000 corn contracts, according to the latest commitment of traders report released on Friday afternoon. This is up from 56,000 the previous week. Dec corn is situated at 3.69 where the contract’s downward leaning 10-day moving average resides. We’ll get Weekly Export Inspections mid-morning; Crop ratings after the close today.

SOYBEANS: Soybean futures down 1 to 2 cents overnight. Prices ended last week softly on position squaring, but nonetheless posted a bullish key reversal on the daily charts and there seems to be more and more growing concern that lateness to the bean crop and lack of growth are primary factors that could affect yield. Managed Money remains short beans to the tune of about 76,000 contracts.

WHEAT: Wheat futures traded 2 cents lower in Chi, up 2 in KC overnight, setting the stage for a choppy start to the holiday-shortened week and new month. Friday, as well as last week, was a tough technical picture for winter wheat as posted deliveries pressured nearby contracts Friday which could spell follow through selling today. We’ve got Commitment of Traders data showing little change in the Managed Money short position week over week with SRW short 3,000; 37,000 HRW; and 20,000 HRS.

CATTLE: Cattle futures are called steady to lower after news of disappointing cash trade last week weighed on the market with few traders willing to take the long side of the market now that October is now the spot month.. Cooler temperatures in the Midwest will likely keep grilling to a minimum and consequently, supplies ample in retail markets.

HOGS: Hog futures are called mixed. Look for continued consolidation as the market cannot seem to make up its mind whether it wants to be friendly or negative with politics and as well as ASF continues to loom large.

Author

Carol Tillmann