Olmstead Locks

December cotton is slightly lower as traders prepare for Thursday’s all-important supply and demand report. USDA releases its latest crop findings at 11 a.m. Central. It is widely anticipated by industry analysts the government will greatly reduce the 2018 crop. As subscribers know, some even first hand, Mother Nature dealt several severe blows to the 2018 crop in the forms of droughts, freezes, floods, and hurricanes.

Live and feeder contracts should open some lower Thursday morning, checked by defensive wholesale beef prices and uncertain cash prospects. Lean hog futures are also likely to begin on the defensive tied to follow-through selling and seasonally bearish fundamentals.

Pre-5:00 a.m. CME Globex: December corn was up 1 1/2 cents, November soybeans were up 1 1/4 cents, and December KC wheat was up 2 1/4 cents. CME Globex Recap: Mixed overnight equities following the surge in the U.S. which can be attributed to either the Democrats winning the House, or the Republicans holding on to the Senate, depending on who one is talking to. Firmer grain markets into today’s WASDE report which is typically not a market mover.