This latest rally is demand driven from good exports sales reducing our carryout and easing harvest pressure around the US.

As the market looks forward to election time, we will start to see a shift in prices as the political risk increases. First notice day for Nov beans is next Thursday with open interest still being 183,000 contracts and 232 contracts of cash beans going to delivery.

China is stating they will have a record crop for 2024 which will be an outside force that pushes downward pressure on domestic grain prices since their imports will be limited on wheat and corn.

South American weather remains the same, rains falling where needed and absent where not needed for the short term. Temps remain in the average range but favoring the cool side.

US weather is showing a chance of light rains that could amount to .1 inch being possible for Illinois, Indiana, Ohio, and Michigan. While the corn belt and plains regions remain dry for the next 72 hours and temps remain above average for the extended outlook.

Live and feeder cattle closed higher yesterday after a higher cash trade was offered both in the north and south at $2 higher to $190. Boxed beef eased slightly with the spread widening again between choice and select to $26.83 choice over select.

Cattle on Feed report today at 2:00 CT. Estimates are 99.% on feed, 95.8% placed, 102.2% marketed. Cattle prices are nearing summer highs but facing resistance once they get to these levels followed by minor corrections. A strong cash market is needed to push a further rally.