A mildly weaker tone has developed this morning after quiet trade overnight.
HRW rating is 8.5 points below average, while the SRW rating is 4.4 points above normal.
Soybean inspections slowed from the previous week but were about as expected.
December HRW and December HRS futures posted new contract highs overnight.
USDA’s Cold Storage Report showed beef stocks increased a little more than is typical during September, while the build in pork stocks was a little shy of normal.
Report should be supportive for futures, especially deferred live cattle.
Wheat futures followed the European market higher overnight, with December HRS wheat scoring a new contract high.
Energy prices continue to climb.
The U.S. Drought Monitor as of Oct. 19 showed some drought improvement in areas of the Southern Plains, but there were areas in West Texas that saw a one-category degradation in drought conditions during the week.
Above-normal temps are expected across the entire Southern and Central Plains for November through January, with below-normal precip over much of Oklahoma and all of Texas.

Brian Grete