Cattle may bounce from oversold conditions

FOR WEDNESDAY: (10/12) For Wednesday’s crop report, participants in trade surveys expect USDA to trim the corn crop in that report and slightly raise the soybeans. Cycles look lower into Monday and any rallies on Wednesday will be a gift for cash selling and hedging. Hogs should hold up at least one more day and cattle may bounce from oversold conditions and set up better sales later. Rain is expected in much of the Midwest today and tomorrow, but drier weather should follow by the weekend. The latest 6- to 10-day outlook (Oct. 16-20) has more rain for the Midwest and above-normal temperatures for most of the country.