Agriculture

November soybeans finished yesterday’s session near unchanged as we head into November options expiration today. Typically strike prices with high open interest tend to act as a magnet, with many of those being below the market we could see pressure into the weekend.
Oliver Sloup from BlueLine Futures breaks down the livestock futures markets in his weekly "2 Minute Drill".
There’s not a lot of flashy headlines expected as we look to round out the week, attention continues to be on harvest reports, money flow, and technicals.
Soybeans tried to rally yesterday on the back of the recycled headline: “Renewed Trade Optimism”, but ultimately failed to hold those gains through the floor open.
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December lean hogs tried to stage a rally but ended up finishing the day closer to unchanged. We continue to believe there is a longer-term upside opportunity.
Corn Futures rebounding early this morning after weekly crop progress report showed harvest just 30% completed, 3-4% behind already lagging expectations
Chicago wheat futures staged a huge rally last week, much of that on the back of technical short covering. Friday’s Commitment of Traders report showed funds bought 8,573 contracts, trimming their net short position to 10,564 contracts.
Cocoa has been a macro trade of late. The December contract is range bound in this recent consolidation.
The Soybean market tried to run higher yesterday but fizzled out into the close. The lack of bullish headlines and harvest has kept a lid on things through the week.