Cattle
Live cattle futures are showing signs of topping. The October contract hasn’t been able to hold above resistance at $110 since March, when COVID was declared a pandemic. The long-term uptrend, which was around $108, was broken last week as the market gapped lower. The nest level of support is at $102.65. Demand is expected to decline due to seasonal factors after Labor Day, the last big grilling holiday of the summer. The October feeder chart has also taken on a negative appearance as the long-term uptrend has been broken. The next level of support is $137.25.

Hogs
Hog futures have been on a bit of a rollercoaster ride over the past couple of weeks. Profit taking and weaker cutout values have added pressure this week. A seasonal up-tick in hog supplies in the fall is on the horizon and could keep a lid on prices. October is currently testing resistance around $57 but could head lower to close the chart gap between $52.82 and $53.55.

Rice
The rice crop in the Delta has taking quite a beating over the past week. Hurricane Laura was followed by continued severe weather. Currently, Louisiana has harvested 80% of their crop, but Arkansas is sitting at just 5% harvested. USDA said 66% of the rice crop in Arkansas was rated good to excellent as of August 30. That was after Laura blew through but before storms this week. Lodging could make this a slow harvest and impact the quality and yield potential of the crop. The wild weather has resulted in wild trading in the futures market. The November contract rallied to new highs Friday before charting a key reversal by the end of the day. Follow-through selling has been somewhat limited as traders watch the weather this week, but Friday’s high of $12.67 could prove to be tough resistance on a rebound.

Corn
Corn futures have moved to their highest levels in 2 months on concerns about the yield potential for the crop. In the August report, USDA projected U.S. average yields to set a record of 181.8 bushels per acre, and total production to also set a record of 15.3 billion bushels, up 12% from 2019. Since that report, however, a devastating derecho had destroyed millions of acres of corn in Iowa and Illinois and drought is threatening the crop in parts of the corn belt. Monday’s high of $3.64 ¼ will likely prove to be tough resistance.

Soybeans
Soybeans continue to push higher. In the August report, USDA pegged the average yield at a record-setting 53.3 bushels per acre. Since that time, though, a derecho has devastated millions of acres in Iowa and Illinois, drought threatens portions of the corn belt and severe weather continues to threaten parts of the crop in the South. Given the sharp increase in prices this week, it appears traders are not expecting that yield to materialize.  Monday’s high of $9.67 is the first level of resistance. Given the steep nature of the rally, there isn’t a lot of technical support above $9.

Cotton
December cotton is still trending higher as the market continues its slow and steady recovery after crashing in the spring due to COVID. The market has moved to 6-month highs. Export sales continue to be lackluster, but steady sales and shipments to China are generally supportive and add some optimism to the market. December may trade in a more sideways pattern, as the market has charted a potential double-top at 66.45 cents. A break above that level would set an upside target around 70 cents.