More pressure for grains

FOR THURSDAY (9/8) Storms are moving across the Midwest this week with flash flood warnings posted for parts of Iowa and Illinois today and for Kansas, Missouri and Illinois on Thursday and Friday. The 6- to 10-day outlook (Sept 12-16) favors normal to above-normal rains for much of the Midwest with below-normal temperatures for western two-thirds of the country. As we move into Friday, we do expect more pressure to the downside unless trade is afraid of too much rain in the Midwest, and that seems unlikely. Meats had a strong recovery day as we expected. We do expect them to move lower on Thursday and Friday as deflationary cycle is due to hit.