Corn – Dec still gravitating near 410, corn recently a follower of beans, ethanol expected moderate
↔After a move to new 30 day highs, Dec is right back around the 410 level it has tended to gravitate to
↓ This week has shown corn to mostly be a follower of beans and that market was lower last night
↔Ethanol will be expected moderate today, similar to last week’s 1049K
↔The new 30 day range in Dec is 397 to 418 ¼, this range might hold through most of harvest
↔Last week’s exports were disappointing and need to see a bounce back to at least 1200K tomorrow
Beans – Overnight may not be expecting an 8 AM sale, hurricane rain totals for the Delta increased
↓ After not seeing an 8 AM sale yesterday, some recent excitement might be easing in case we don’t see one this morning either, Nov has moved well over fair vale of 1010 – 1020
↔Hurricane totals were increased for the eastern Delta, now at 4” to 11” although the rains were also moved a bit further east which means less total bean acres affected
↓ Other than the hurricane hit areas, the forecast is almost completely dry for the next 10 days for 80%
- 90% of harvesting areas suggesting a fast paced harvest can continue
↔We may see pre trading of tomorrow’s exports, for beans last week was moderate at 1756K but that was still a slowdown from previous weeks
Wheat – Forecast remains clear for HRW planting, Dec CHI 30 day range is 560 ½ - 598 ¾
↓ The entire HRW area is clear for planting in the 10 day forecast, suggesting an active pace
↓ Pre trading tomorrow’s exports could mean light pressure after last week’s disappointing 258K
↔Planting and exports remain the top 2 influences with exports likely a slight #1 factor
Cattle – Yesterday saw a single report of a steady cash trade in IA, yesterday’s PM BB was lower
↔Yesterday’s PM BB was choice +0.08 select -0.92 packer BE at 186.93, packer cushion $3.81
↔There was a single cash trade reported in IA that was steady with last week, a 184.50 trade on cattle graded slightly higher than average at 85% choice
↔Yesterday did not end up putting in a 3rd higher day in BB, while the AM report was higher it turned out that the final report (PM BB) was actually a small amount lower
↔Futures seem prepared to see a steady to $1 higher cash trade but most factors point more towards steady or $1 lower, we will likely see more cash trades today