FOR MONDAY: (8/29) Weather forecasts remain favorable for corn and soybeans with wet conditions this week in the Midwest and hot conditions next week with some rain. The National Hurricane Center says there is a less than 40% chance that a storm building in the Caribbean will reach Louisiana. There had been talk earlier in the week such storm could disrupt corn harvest and impede river traffic there. Grain cycles look lower one more day but should short-cover into Friday and we don’t know on what news.
Do we have to jump on rallies into Friday for new hedging and cash sales? Probably. Might get away with waiting on the USDA report but we will know more next week. Cattle are in big trouble now and still could be lower 1-2 more days before a bounce. Seasonals are against feeders in Sept. but turn up for hogs and we are out of hog hedges and spec. sales.
