CLOSING AGS 10/3/13
Cattle: Cash cattle so far Nebraska dressed $199-198.00 dn $1-2.00 and north/south live $126.00 steady. How bad can beef be?
Hogs: No serious cash hog damage talked about and some packers suggesting little changes until next week when the shut down will need some new way of calibration.
GRAINS & OILSEEDS:
Corn: Basically, I see it this way: corn hit with overhead selling still on 1) (apparent) fund selling defense; 2) bean/corn spreading (corn harvest delay will pick up first when resumes); 3) wheat/corn spreading.
Soybeans: Modest gains off harvest delays and tight cash markets; some support off stronger China economic data; apparent good underlying export demand; light chart support.
Wheat: Strong close again as talk of export demand and Argentina crop losses underpin prices. Argentina stops exports and leaves Brazil swinging in the wind and may need more U.S. supplies; USDA’s last marketing year estimate for exports now 1/2 sold and only 1/3rd of the marketing year passed. Ukraine sees heavy rains; StatsCanada all-wheat est. tomorrow; U.N.’s FAO lowers world cereal grain production, though only modestly.