Corn futures were unchanged overnight with Dec trading 20 cents off of that contract’s 3.52 low. Prices are consolidating, but look to be trying to establish a short-term up-trend after failing to clash with new contract lows this week. Good export sales yesterday and concerns that cooler weather forecasts for early October might suggest a normal freeze window that would likely have impact on up to 800 mil bu offer support.
Bean futures were off a couple cents overnight. Nov beans are down 2 to 8.91 and down a few cents on the week despite a very solid export sales number yesterday. Trade is holding above the 100-day moving average at 8.86-1/2 the previous two sessions which would suggest buyers are willing to hold onto long positions and maybe add, considering much of the wet weather could hinder the early start to harvest.
Wheat futures are called mixed after a quiet, two-sided night session. There is not much news to push prices in either direction. The dollar seems to be consolidating and perhaps losing some upward momentum. This could be supportive as well as talk of deteriorating crops in the Southern Hemisphere. Export sales, however, on yesterday’s weekly report were a disappointment.
Cattle futures are called mixed after pushing higher into technically overbought territory on the recent rally. Futures were uneventful yesterday providing little basis for direction today. The 26.00 spread between choice and select cuts would again confirm feedlots are relatively current and add underlying support. The Cattle on Feed report is today and is expected to show cattle on feed number lower for the first time since December 2016.
Hog futures are called steady. Jumpy and volatile waves continue in the hog market as the long term picture remains somewhat cloudy. More than ample U.S. supplies are countered by increasing concerns that world inventories will see a significant draw down due to ASF.