Oversold grains likely to turn seasonally higher next week

FOR MONDAY: (8/1) Hot weather is expected early next week in the western Midwest with temperatures in the mid- to high 90s forecast Monday through Wednesday in Nebraska and Iowa, and in the 80s to low 90s elsewhere. The 6-to 10-day outlook (Aug. 3-7) is hot and dry for the western Midwest and hot for the rest of that region. There are a lot of energy points on Monday and oversold grains are likely to turn seasonally higher next week and through August in places. Hogs look done for now and cattle are due for a cycle low on Monday also and higher prices later in the week. We’ll let the dust settle before bottom-picking on many of these markets.