Grains are mixed early with livestock mostly higher.
Soybeans are holding slight gains on strong weekly exports at 64.2 million bushels says DuWayne Bosse, Bolt Marketing.
The soybean futures have been supported recently by China export purchases and some early concerns about dryness in Brazil.
However, Bosse says November continues to struggle to stay above the 50 day moving average with harvest progressing and hedge pressure.
So far, he says the yield reports on soybeans have been variable with some early yields well above last year, while other reports in areas like Ohio have disappointed.
Corn futures are being pulled down by wheat on Thursday and that market has been in a holding pattern looking for more yield data off the combine.
Meanwhile, Bosse says wheat is seeing continued profit taking with a higher dollar, slower weekly exports at only 9 million bushels and the biggest change has been rains in the Southwest Plains.
Cattle futures are strong with the rally in the stock market, lower interest rates and a bottom in the cash market.
December live cattle finally got above $180 and a close above that psychological level would be positive for the market according to Bosse.
However, he is cautious do to the higher weighta and thinks consumer demand and the economy will need to hold up for the market to rally considerably.
Hog futures are mostly higher on continued fund and technical buying which is defying the rising slaughter numbers and could be tied to better demand.
