FOR WEDNESDAY: (8/17) Weather turns cooler next week in the Midwest with rain likely. Rain in Louisiana appears to be abating, which may ease flooding there and allow boats to be loaded with grain. Cash corn bids at the Gulf dropped about a dime late last week as rain and flooding disrupted export loadings. A lower dollar provided some under lying support to Tuesday’s crops. China bought 4.37 million bushels of 2016/2017 soybeans.
Cycles suggest that grains could pull back a few days here and we’re not in a rush to chase longs up here and have suggested continued profit-taking on multiples. Cattle look like they will stay in trouble and hogs look lower on Wednesday and offer no new risk/reward for shorts.
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