Cattle: Cash cattle so far: $132.00; On 32 boxed loads cut outs lower at dn. $.84/$.50 on very light midday volume.
Comments: Near two-week low as December grapples with more apparent long liquidation as well as technical selling. The marketing number on the C-O-F report as mentioned looked offset by the frozen beef stocks and as such futures were on their own with the live trade softening.
Hogs: Interior hogs mixed at up $2.98? (western, No I/M) and dn. $59 east; pork cut outs moderately lower midday.
Comments: Fresh 6-day lows as December falls on technical selling with some stops noted hit under its trend-line support area. Cold Storage report was neutral overall and most of the “friendliness” of it already well built in it would seem. Talk of more PED in Iowa and Ill. met with some support but again, no one knows the quantity or if the new finding already in quarantine areas.
GRAINS & OILSEEDS:
Corn: New swing low at $4.25-3/4 as end of week selling persisted and as Informa came out with a bearish crop estimate for next week (Nov. 8th); however, perhaps with the start of the new month some light profit taking shortcovering popped the market slightly higher on the day briefly.
Soybeans: I have erred in not giving way to a trading fact: when a market has a bearish (or bullish if the case) major report coming out it’s tough to get new buyers on rallies. Weekly export sales ae running very good and possibly says nearby cash tightness could show up next month (if any South American problems of substance pop up it will be a whole new ballgame obviously). Most of the session November held swing lows but other months did not; soyoil vs. soymeal spreads again off palm ol production problems overseas.
Wheat: Choppy with some inter-market spreading between Chicago and K.C. noted (favorable rains in southwest)); overall weakness after a sluggish export sales number and India’s fire sale potential. New 6-week lows.
Informa: corn 14.223bln.bu. with 161.2bu./acre; beans 3.298bln.bu. with 43.3bu.acre.