FOR THURSDAY: (9/22) By Thursday we have a number of forces that should finally create a strong harvest reversal. Continue to accumulate shorts. Cattle could hold up 1 more days but feeders are struggling and we won’t sell Dec. hogs without a price completion. Rain continues to hinder the Midwest corn and soybean harvests with severe storms in Iowa and eastern Nebraska today and rain lingering there through Friday. The seven-day and 6- to 10-day are wet for the Midwest with the 6- to 10-day also showing above-normal temperatures there.
Outside markets were a little supportive with equities and crude oil higher and the dollar lower. The Federal Reserve said a rate increase was likely by the end of the year. It said the U.S. economy and job market are doing well. Crude oil got a lift from a weekly government report showing a drop in U.S. supplies. (For details and recommendations see our full timer.)
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