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Lower closes across the board after impressive mid-session strength.
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Corn futures fell about 5% as USDA raised the national yield. Former USDA chief economist Seth Meyer says the data raises fair questions, but he doesn’t think sampling alone explains the jump.
OSU’s Derrell Peel notes a delayed fall run may mean cattle numbers simply aren’t there, lending underlying support to Q4 prices.
Markets are still reeling from the fresh data in Friday’s report.
Weekly export inspections and crop progress data due after Monday’s holiday
Cattle falls under modest pressure after Friday’s breakout.
Lane Akre, Hillari Mason and Bill Watts dive into USDA’s bearish numbers, how much downside risk is left for corn and how quality issues are playing out in the market.