Corn Futures Hover Near Support Ahead of Harvest
As the market approaches the end of the week, December corn futures are flirting with the $4.07 level. However, analysts point to $4.00 as a solid support point, with both domestic users and international importers prepared to purchase at any further price declines. The corn crop is now sufficiently close to harvest, which allows many end-users to wait for the arrival of new-crop supplies. As a result, September corn futures are unlikely to receive their usual weather-driven lift, even with late-season heat and dryness.
Soybean Traders Show Mixed Positions Across Products
Recent border trade data reveals that managed fund traders in soybeans continue to hold a small net short position in the market. Meanwhile, soybean oil traders are still modestly long, and positions in soybean meal remain significantly net long. This varied activity among soybean products reflects the market’s uncertainty as November soybean futures face resistance. If November beans manage to reach $10, analysts believe the level may not hold for long. Technical indicators show the nine-day moving average around $4.20 to $4.22, signaling limited upward momentum in the short term.
Cattle Markets Lose Momentum at Higher Prices
Last week’s forecast for live and feeder cattle proved accurate, as both markets showed little support at elevated price levels. Buyers have started to retreat from weekly cattle auctions, indicating reduced demand or hesitation to purchase at current values. This trend could signal a broader cooling in the livestock market as summer progresses.
Commodity markets remain finely balanced as harvest nears and traders reassess risk. With corn holding at a key support level, soybeans showing varied fund interest, and cattle prices softening, producers and traders alike are watching market signals closely.
Wishing you a profitable day,
Mark Oppold reporting for Southeast AgNet.