Grains:
Corn:
– Managed money traders reduced their net short position in corn by 47,000 contracts, now short 131,000.

Soybeans:
– Managed money traders are still short 75,000 soybean contracts.
– Managed money traders bought back 32,000 soybean oil contracts, now short 19,000.
– Managed money traders bought 18,000 soybean meal contracts, now long 58,000.

Wheat:
– Managed money traders are short 26,000 wheat contracts.
– The USDA is expected to report 200 million more bushels of wheat than last year, likely in commercial hands.

Cattle:
– Cattle slaughter last week was 612,000 head, down 16,639 from a year ago.
– Live steer negotiated five-day average price was $147.40 per cwt, with weights up to 1,500 pounds.
– Packers bought 8,167 cattle in Texas, Oklahoma, and New Mexico, paying $2 more.
– December cattle futures support is at $182.65, with resistance at $186.87.
– February cattle futures support is at $183.65, with potential resistance at $188.

Others:
– Crude oil rigs in operation were down 4 to 484, below the 5-year average of 486.
– Managed money traders were net buyers of 29,000 crude oil contracts, bringing their net long to 261,009.
– Managed money traders were net buyers of 3,323 ULSD contracts, reducing their net short to 42,000.
– Natural gas rigs in operation were up 3 to 99, still below the 5-year average of 119.
– Managed money traders bought 23,000 natural gas contracts, reducing their net short to 14,000.

Disclaimer: The risk of loss in Commodity Interest trading is substantial. Past performance is not indicative of future results. Any content presented should be viewed as a solicitation and an inducement to conduct business with AgOptimus. The market information presented is believed to be accurate as of the time of publication. Trading and investment decisions should be made at your own risk and only with risk capital. Be advised the views and opinions expressed herein do not necessarily reflect the current views or positions of AgOptimus and are subject to change at any time.