FOR MONDAY: (9/19) Corn and soybeans closed higher on Friday and wheat followed as a steady parade of rain showers in the Midwest raised concerns about harvest delays. The corn and soybeans still finished lower for the week as the market continues to price in the big crops that USDA had forecast on Monday. Short covering was likely in play ahead of the weekend and after the post-report losses. Rain moves across the Midwest the next few days. Both the seven-day outlook and the latest 6- to 10-day outlook favor rain for the Midwest, with the 6- to 10-day also showing above-normal temperatures. We expect short-covering to continue for a few more days and set up more sales and hedges. Cattle looks higher next week and hogs should be higher 1-2 more days and set up a sale.
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