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Midday Update

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Midday Update

<![if !supportLists]>·         <![endif]>The dollar is exploding higher after this morning’s surprising interest rate cut for the Euro-zone, reaching its highest level since July 10, 2013.

<![if !supportLists]>·         <![endif]>“Unknown destinations” buys another 4.7 million bushels of corn in the past 24 hours.

<![if !supportLists]>·         <![endif]>Ethanol stocks rise to 17.7 million barrels in the week ending August 29, up from 17.3 million the previous week and up from 16.2 million the previous year.

<![if !supportLists]>·         <![endif]>Ethanol production rose to 921K barrels per day in the week reported, up from 913K the previous week and up from 819K the previous year. Production was on pace to hit USDA’s target for corn usage in the year ending August 31.

<![if !supportLists]>·         <![endif]>Frost threat in northwestern Midwest next week is minimal, lacking good model support.

<![if !supportLists]>·         <![endif]>Harvest has advanced to a few spots in central Illinois, west to Kansas, with yields very strong thus far.

<![if !supportLists]>·         <![endif]>Corn futures are down 6 on big crop pressures, aided by strong dollar.

<![if !supportLists]>·         <![endif]>Soybeans are down 14 cents on big crop expectations.

<![if !supportLists]>·         <![endif]>Wheat is down 3 in Chicago on follow-through selling, but Kansas City is up 5 cents on bargain buying, while Minneapolis is steady to 1-cent higher.

<![if !supportLists]>·         <![endif]>Live cattle futures are $2.25 higher on stronger cash expectations in the nearby, but down more than $1.50 in the deferred contracts on profit taking.

<![if !supportLists]>·         <![endif]>September feeder cattle tested contract lows early today, but are up just 35 cents now on profit taking, with the deferred contracts down up to $1.25 on a strong dollar.

<![if !supportLists]>·         <![endif]>October lean hogs are up $2.45 on strength in the cash market, but the deferred contracts are down on cheaper corn and on a second PED virus vaccine that received conditional approval.

 

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