09/27/2024 USDA Does it Again, Goodbye Hogs

On the Grains
Good morning, finally Friday, although it doesn’t matter during harvest season other than we generally see pre-hedge at the close, I would expect that the western belt makes good progress this weekend while the east may be out for a few days. Today we get the Commitment of Traders report, while we all know that data is delayed, one would expect to see the funds cover beans and corn by lightening up on the shorts. Now, here is what I will be watching, I get the fund covering action that is taking place since it’s the end of the quarter, end of the month, however, if we see this continue after we turn the page to October then we got something working in the grains. Yesterday we put a reco out on March soybeans at $11.00, the November 100 DMA sits right at $10.79, a 31-cent carry would give us a little wiggle room to get that filled. If we can get a push to that we are justified in making some additional sales, if the rains start falling in Brazil it will be hard to get ahead of the market and make additional sales.