Cattle: Cash cattle last week $198.-200.00 dressed and $126.00 live; boxed beef not available. Futures choppy and sloppy and obviously indecisive with no cash data to guide it and no packers seemingly volunteering any info on their intentions. Hence a bit of a stalemate. Packer cash live cattle bids lower no surprise.
Hogs: Interior hogs, pork midday cut outs etc. all unavailable.; futures post a moderate recovery in part as October knows ot just where the lean index may be and how the pork trade was holding up (as of Monday not bad). Both beef and pork I believe benefiting from our “2nd spring” weather.
GRAINS & OILSEEDS:
Corn: Nothing trade but we will see IF this was the traditional 3rd-day of fund movement (i.e. new shorting in this case) after Monday and Tuesday’s open interest gains. Major storms coming in especially parts of Neb. and Iowa with possible SNOW in northern plains? That will disrupt harvest even more and keep nearby cash markets firm?
Soybeans: So far just an oversold bump here in prices. More field reports suggests yields still ‘growing’ so to speak. Major storms moving into the northern plains and midwest to further slow harvesting but frost fear in far northern plains not expected to damage the crop (though snow could be a problem?).
Wheat: Modest gains but prices in Chicago reluctant to press much higher with corn on the defensive but still holding up relatively well for now.
Good export demand, lower stocks higher European prices (up 1%) still along with fund shortcovering apparent (Dec. contracts) and wheat/corn spreading.