FOR TUESDAY: (10/4) Monday’s violent rally was a bit of a shocker. We had cycles up for a few days and funds sometimes buy Oct. 1st for a week or so before the next USDA report but this was a bit much. Some announcement of the USDA not allowing flooded grain onto the market was a bit of a scare. Harvest in the Midwest was slowed by rain this past weekend, but should gain some traction under clear skies. More rain arrives on Tuesday and Wednesday, plus the weekly and 6-to 10-day forecasts favor rain for the western Midwest.
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