Comments: Higher close in moderate volume;
Technically still very much like the recovery from August 13th; cash cattle last week traded $152-155.00 north and south; midday beef higher on moderate movement; working on a report that Argentina’s Pres. suspended beef exports to curb domestic inflation; showlists: Nebraska up 21,000hd., Tx. off 3,000hd. and Ks. down 7,000hd….with packers killing on a short week demand could be limited. C-O-T report: leaned bullish.
Comments: October spends day 2 inside Thursday’s big near 500 pt. range; cold storage report already discounted; nothing overtly bullish here; and finally saw a report that a new breed of male parent for the chicken flock promises more meat produced. C-O-T report: leaned bullish.
GRAINS & OILSEEDS:
Corn: C-O-T report leaned neutral; heavy rains and warm, humid weather seen favorable, dryer parts of Iowa hit hard; export inspections good, slight up on week; Argentine harvest 89% complete vs. 95% avg., plantings begin in September; very near term range low at $3.65-1/2 December held. C-O-T report: neutral.
Soybeans: Walk-in-the-park 67 cent range in the September as the squeeze started to fail. Why? As mentioned, the Sept. meal refused to cooperate early and number two, perhaps both fell on reports I heard about Arkansas harvesting with BIG yields. Would mean…what shortage? November beans gapped lower (I know, not by much but hey) on weather. I also wonder if the Argentine financial mess is coming close to being the problem I thought they could be: backing up beans could be a serious problem and as I say farmers will not dump them into the ocean; export inspections fell on week. C-O-T report: leaned friendly.
Wheat: As corn goes, so to wheat generally. One can point to weather here or in Europe or wherever but there is NO significant decline in world stocks on it. Export inspections fell on week; Argentine plantings 95% complete vs. 99% yr.; C-O-T report: leaned slightly negative.