FOR MONDAY: (10/3) Corn closed higher for the day after USDA reported smaller-than-expected Sept. 1 stocks of 1.74 billion bushels. The change in the stocks and other factors were enough to push December past resistance at the 20- ($3.34) and 50-day ($3.34) moving averages and higher for the week.
Going into October, attention will focus on the weather and harvest progress. Iowa should be dry the next few days to allow harvesting there, while showers linger in Illinois, Indiana and Ohio. The 6- to 10-day outlook (Oct. 5-9) favors more rain for Iowa. We are open for grains to recover a day but beans are a safer sell and corn could hit 340.50 and wheat 414 first. Hog and Pig report was bearish but how much more can it go before we get a bounce? Cattle look higher on Monday from limit down and key 119 level reached for Dec feeders so what to do but be patient.
