· USDA reports that Mexico bought 2.3 million bushels of the current corn crop in the past 24 hours, along with another 1.9 million bushels of next year’s crop.
· Soybean basis surged at Gulf export terminals on strong demand, but the surge is expected to be short-lived as the pace of new-crop deliveries increases in the days ahead.
· The forecast continues to favor active Midwest harvest progress over the next five days before a rain system temporarily slows the pace.
· The Commerce Department revised 2nd Quarter GDP growth to 4.6% this morning, up from 4.2% previously. That increases the odds that the Fed will have to boost interest rates next year, leading global traders to push the U.S dollar index to new four-year highs.
· We saw a modest increase in money flow into the broader commodity sector on ideas that the dollar may be topping, at least temporarily, which in turn slowed seasonal losses in the grain and oilseed markets.
· Wheat continues to try to hold recent lows on ideas that it has value at current levels.
· Corn and soybeans posted new contract lows ahead of what is expected to be an active harvest weekend.
· Corn futures are 1 to 2 cents lower.
· Soybeans are 9 cents lower on the above.
· Wheat is mixed in Chicago, down 1-cent in KC and down 2 cents in Minneapolis.
· Live cattle futures are up the $3 daily limit in October and $2.75 for December on unconfirmed reports that cash cattle traded $161 in northwestern Kansas this morning.
· Feeder cattle are up $2.35 to $3 on strength in the fat cattle market amid cheap corn prices. Choice cuts were down $0.92 per cwt this morning, but movement was good.
· Lean hog futures are down $0.35 to $0.90 as the market consolidates lower ahead of this afternoon’s USDA report. Product movement was slow this morning, but prices are again higher.
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