FOR WEDNESDAY: (9/28) Crop fundamentals remain bearish with harvesting under way in much of the Midwest this week and forecasts call for dry weather the next few days. The seven-day forecast also favors dry conditions for much of the Midwest, while the 6- to 10-day outlook has above-normal chances for rain in Iowa and for much of the northwest quarter of the country.
Not sure what the late rally was about except some short-covering before Friday’s report. Hard to be short grains on Wednesday but market may continue short-covering on Thursday and Friday’s reaction may also continue short-covering. Harvest selling should pick up by Sunday. We may have to continue to take profits on grains. Meats gave up gains late and not sure what to do with them now. Cattle close to key targets so a recovery could happen on Wednesday.
