Comments: Choppy session but October didn’t take out yesterday’s low. I suspect some hedge lifting helped some shortcovering from the specs. Plus there’s a cattle on feed report tomorrow and hence the “positioning” begins? Beef moderately lower midday aid decent movement. Cash cattle wider spread trade at $152.00 north an south.
Comments: Volatile? October makes a news swing low and recovers sharply might be indicating a selling saturation, though a bear-blow off also likely…depends on the close maybe. Interior hogs down another $1.06-1.33 averaging about $96.00; midday pork quiet and a slight bounce in cut outs. Hormel sees more hogs coming; wts. remain very high.
GRAINS & OILSEEDS:
Corn: Corn wanted to rally more but had more hurdles to overcome today: 1) old crop weekly export sale and 2) Commodity Weather Services’ corn yield of 171.5bu./acre., up .5bu. rom their July est.
Soybeans: Raining fairly hard in northern Ill. and northeast Iowa
(and big swath of northern areas) with more coming; StatsCanada canola crop came in at low end of estimates at 13.91mln.m/t’s (still has high stocks); November new swing low early, another squeeze in old crop Sept. helped a recovery but accomplished little.
Wheat: December doing its best to make us believe prices are bottoming. Perhaps some excessive rain in the southwest and harvest delays in northern plains over the rains at issue. Otherwise, weekly export sales were poor again and that came at the time of a the rally to $5.71 December…last week’s high.