***** Corn futures were down 5-6 cents; soybeans down 3-4 cents; and Chicago wheat down 10-11 cents. *****
# Grain markets suffered from a dearth of significant news Wednesday, allowing prices to retrace some of yesterday’s gains.
# FSA acreage updates were out this morning, but the changes were only up slightly from the mid-September release, and mostly built in with the downward acreage revisions by NASS/USDA last week.
# The USDA’s daily reporting system included another 235,000 tons of soybeans sold to China for 2015/16.
# Traders are still looking at the good crush margins and escalating exports as supportive influences, along with lackluster producer sales.
# Weather forecasts for the Midwest remain generally warm, but there are wetter over the next couple of weeks, which could drag the end of corn harvest out.
# The hot, dry pattern is persisting over the northern Brazilian areas causing some early season concern for their crop, even though many don’t expect lasting issues. But with an El Nino, the pattern tends to be dry across the north and east. The latest data continues to suggest the El Nino is getting stronger.
# There’s a story out of Russia hinting acreage might shift to corn from wheat because an export tax will remain in place, albeit at a lower level.
# The Dollar dropped to its lowest level since its late August break. September retail sales pointed to slowing economic momentum. Stripping out cars, they fell 0.3% last month. The Producer Price Index was down 0.5% for the month too. The Brazilian Real has turned up during this latest round of Dollar weakness, and is up 8% from a month ago.
***** Live cattle futures close $0.10 higher to $0.72 lower; feeders were $0.55 higher to .$0.39 lower; hog futures were mostly off $.35-$1.00.
# Wholesale beef demand is displaying some consistent strength, rising $5 the last two days and $7 over the last week. Volume has been reasonably good with the higher levels. Cash cattle prices have nudged into the high $120s.
# Wholesale pork prices appear to be stalling with buying for National Pork Month coming to an end. That is capping cash hog prices and futures buying interest.
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