Top Farmer Midday Update 10-6-17

CORN:Corn futures are firm with Dec up a penny to 5.50-1/2, but down about 4 cents for the week, a typical move for this time of year. Specs are still estimated a sizable position in corn contracts. An updated commitments report will be out after the close. USDA, in a morning announcement, said 195,000 tons (7.67 mil bu) of corn was sold to an unknown destination. Crude is down $1.43/bbl to a 3-week low; the dollar is down 12 points.

SOYBEANS:Soybean futures are down 2 cents to 9.66-1/4 (Nov) and mostly unchanged for the week. It will be another weekend of gauging how much harvest and hedging activity will be seen for U.S. row crops. Rainfall looks to be more active this weekend, especially in the East where remnants of Hurricane Nate will be finishing up. Much of Brazil was dry Thursday, except in a few locations in southwestern Minas Gerais where 0.20 to 1.50 inches fell. Argentina weather will remain favorably mixed for spring fieldwork and early season crop development. Specs are still net long the beans versus short the grains, and are still estimated modest to sizable net longs in oil versus near net even in meal.

WHEAT:Wheat futures are mixed with Dec CBOT wheat up 1-1/2 cents to 4.42-1/4, and Dec KC wheat steady at 4.34-3/4, down 3 cents and 6 cents for the week, respectively. Specs remain short SRW wheat with an estimated 75,000 contracts. Dec MPLS wheat is up 7 cents to 6.22-1/2, unchanged for the week.

CATTLE:Cattle futures are in their opening ranges at midday in light trade. Cash market, later in the day, is expected to see asking prices at $110/cwt and bids at $106. For now, Oct live cattle are firm at 110.400, up .200. Dec is up .125 to 116.200 and, Oct up .075 to 154.925.

HOGS:Hog futures have reversed early gains and are now lower in corrective moves after higher trade this week. Oct hogs are down .750 to 60.175, a jump of more than $5 off of the contract low from September 27. Dec is down .525 to 62.750. Cash bids are called steady to $1.00/cwt higher in keeping with this week’s trend.