First Thing Today (VIP) -- October 10, 2013

October 10, 2013 01:32 AM
 

GOOD MORNING!

FIRMER TONE OVERNIGHT... As of 6:30 a.m. CT, corn futures are trading around 2 cents higher, soybeans are 7 to 10 cents higher and wheat futures are mostly 2 to 4 cents higher. The U.S. dollar index is modestly firmer this morning.

HOUSE GOP LEADERS TO MEET WITH PRESIDENT OBAMA TODAY... House Speaker John Boehner, (R-Ohio), Majority Leader Eric Cantor (R-Va.) and Budget Chairman Paul Ryan (R-Wis.), along with a group of other House Republican leaders and chairmen, will visit the White House to meet with President Obama today. House Republicans will hold a conference this morning before their leaders meet with Obama. Boehner and Cantor met with Minority Leader Nancy Pelosi (D-Calif.) and Minority Whip Steny Hoyer (D-Md.) Wednesday morning. However, the leaders could not even agree on who called the meeting. Pelosi said in a statement after the meeting that she would provide 200 Democratic votes to pass a clean CR, but that no negotiations took place in the meeting. Obama met with House Democrats late Wednesday to discuss the impasse over a stopgap spending measure and the debt limit.

UNOFFICIAL HOUSE GOP FARM BILL CONFEREE LIST... Sources signal the House is ready to name Republican conferees for the House-Senate conference committee, with an unofficial list provided by sources indicating Rep. Bob Goodlatte (R-Va.), the panel's Vice Chairman, is not on the list. Equally as surprising, Rep Steve Southerland (R-Fla.), the lawmaker in part responsible for the nutrition amendment that contributed to the House rejecting the farm bill initially, is on the panel. That could signal leadership still is aiming for significant reductions in nutrition spending and other changes to the component that makes up more than 75% of farm bill spending. Goodlatte led a successful fight to delete dairy supply management from the House farm bill.

CHINA SELLS 52.3% OF BEANS PUT UP FOR AUCTION... China sold 263,678 MT of state-owned soybean reserves at its weekly auction out of 504,647 MT offered for sale. The sales were up slightly from week-ago on a modestly lower average price. China continues to clear out older state-owned soybean stocks ahead of new-crop arrivals.

STRATEGIE GRAINS CUTS EU WHEAT FORECAST, RAISES CORN PEG... Private firm Strategie Grains lowered its 2013-14 EU wheat crop forecast by 300,000 MT to 135.2 MMT. The firm now estimates the EU corn crop at 64.9 MMT, down 900,000 MT from its previous forecast.

NO WEEKLY EXPORT SALES THIS MORNING... Due to the ongoing government shutdown, USDA will not release export sales data for the week ended Oct. 3 this morning.

CASH CATTLE NEGOTIATIONS SLOW-GOING... Bids and asking prices remain $3 to $4 apart in the Plains, suggesting cash cattle trade isn't likely until Friday unless there's unexpected movement in cash negotiations today. Most traders are expecting steady to firmer cash cattle prices compared with last week's mostly $126 trade in the Plains.

BIG SATURDAY HOG KILL PLANNED... Packers are expected to slaughter 140,000 hogs on Saturday as they look to take advantage of strong cutting margins. While kill numbers are up, pork plants don't appear to be having problems securing the extra hogs as slaughter numbers are starting to build after running lower than expected through September.

OVERNIGHT DEMAND NEWS... Egypt tendered to buy at least 50,000 MT of optional origin wheat, with results expected later this morning. Japan received no bids in its tender to buy 180,000 MT of feed wheat and 180,000 MT of feed barley.

 

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