9-10-12 PM Comments
Financial
Light volume continues at the NYSE off 40% in last month
FOMC meeting 12-13th with expectation of fresh decision on new stimulus
Weak employment report Friday argued for Fed action
German court ruling Wednesday on leadership economic policy
All markets stocks, metals, currencies and crude stayed close to home Monday
Chinese import report bearish off 2.8%
Baltic freight index remains weak and that’s a key measure of demand
Livestock
Cash cattle zero inTexaslast week
Northern cattle up $2-3
Boxed beef in seasonal demand period, but consumer resistance is a major offset
Huge pork supplies also pressure beef interest
Lean hog index has fallen $3.30 since last Thursday
Short covering has lifted hogs over 200 points off lows
Cattle dawdled at $.67 lower on October
Grain and soybeans
Wheat, corn and soybeans set back heading into Wednesday AM crop report
Average guesses for the report are 1.4 b corn and 2.6 b beans
Yields sub 120 bpa in corn and 35.7 bpa in soybeans
There is a long way to go to find the truth about the quantity and quality of corn production
Wheat carryover is expected at 709 m, not much changed
Watch dryness in northernBrazilandAustralia
Weekly export inspections were soft in wheat, corn and beans
Chinese soybean imports were off 2% for the year in August and 25% smaller from July, on prices
Ideal harvest weather will turn hotter but looks dry
Corn harvest at 15% versus a 5% average and soybeans just beginning at 4% versus 2%