Corn
Corn futures have sold off hard this week and it is looking likely that they have topped. General market uncertainty sparked initial weakness, and technical selling quickly followed. A close below $4 will signal additional selling, with trendline support currently around $2.87 for December. Ethanol production continues to climb, but is still not to pre-pandemic levels. Export sales for the week ended October 22 came in at 88.3 million bushels, well ahead of both last week’s total and the average trade estimate. Shipments were disappointing, however, at only 28.9 million bushels.

Cotton
March cotton charted a huge key reversal on Wednesday, signaling that the slow but steady recovery may be stalling out. Increasing COVID cases and new rounds of closures across Europe has sparked fears that demand will suffer as a result. Weekly export sales were strong, however, at 288,700 bales, with China and Pakistan as the largest buyers. Wednesday’s high of 73.27 cents is likely the top for now. The crop is only 42% harvested, and 40% of what is left in the field is currently rated good to excellent. Arkansas farmers have harvested 67% of their crop, compared with a 5-year average of 79%.

Rice
Rice futures have held up this week better than most ag commodities. January futures have seen some selling pressure this week but continue to hold support near $12.40. Weekly export sales were supportive, with 121,500 metric tons sold to foreign buyers. A sale of U.S. rice to China was confirmed this week, after many years of work by USA Rice to open that market. While this first sale was small, it is important to the US market to have access to the Chinese market, which is estimated to consume more than 146 million metric tons of rice this year, compared with 4.6 million metric tons consumed in the U.S.

Soybeans
Soybean futures have also seen weakness this week. Carryover weakness from crude oil and the stock market has certainly sparked some weakness across commodities. January set a new high of $10.88 on Tuesday before selling off on Wednesday. Favorable weather in Brazil has also added to the overall weakness in the market. Weekly export sales of 59.8 million bushels provided some support on Thursday,  but were well within the average trade guess.

Cattle
Both Live and Feeder cattle futures have recovered this week. Higher wholesale beef prices and tightening market-ready cattle supplies have been supportive, as have weaker corn prices. Cash trade has not yet materialized, as packer bids have not caught up with gains in futures and sellers are holding out. Support for December is at the recent low of $102.52 ½, and for November feeders at $127.90.

Hogs
Hog futures are showing signs of topping as prices move to new 7-week lows. December has tough resistance at the recent high of $72.80, with little technical support above around $62. Lower wholesale pork prices and technical selling are adding to the weakness.