Soybeans rise again overnight, holding the grain trade firm.

This morning’s grain trade has soybeans pushing to new weekly highs while corn challenges the September low in the overnight. More talk of Chinese interest in US Gulf soybeans is surfacing along with the concerning weather in Brazil. Corn has a strong ethanol grind but concerns about export demand continue to linger.

The CEO of Bunge said that renewable diesel fuel will be the gateway to sustainable aviation fuels, and partnerships will be key to raising the production of both. He went on to say that policymakers need to give clearer signals for firms to scale up production of sustainable aviation fuels.

The US Labor Department released its November Jobs Report, and it showed a slowing economy with an estimate of 180,000 nonfarm payrolls in October when the actual number came in at 150,000. The unemployment rate was put at 3.9% versus the 3.8% estimate. This pushed the US dollar down $0.80 to 105.18, indicating a potential top is forming in the US dollar at 107.00. Which will help boost fund interest in commodity ownership. Odds of a rate hike in December now are fading for the Federal Reserve.

There is no change in the Brazilian weather forecast, with a prevailing pattern of excessive heat and below-normal rainfall across the northern and central areas of Brazil while inundating rains continued to hammer southern Brazil for another two weeks. Seasonally, the risks are rising for Brazilian crops as the calendar pushes ahead to mid-November and the vegetation growth stage for Northern Brazil soybeans turns critical. The first corn crop from Río Grande do Sul and S Parana is yellow and struggling amid all the rain. The market now will acutely pay attention to Brazilian weather. CFTC data this afternoon for the Commitment of Traders report will be highly scrutinized with who is short and who is long.

Live and feeder cattle futures closed higher again yesterday for the seventh day in a row for live cattle. A firm start is offered for this morning. Negotiated fed markets are still quiet but supportive with current futures trading. Packer bids were quoted at $290-292 unaddressed bases in the north, which is $2 higher, but feedlots are holding out for $294 better. Bids in the South were quoted $3 higher for the week at $1 88, with these bids found no interest. A higher trade is expected to finish the week.

Carcass weights on steers for the week ending October 21 were unchanged from the previous week at $927 pounds, and heifers were weighing in at 840 pounds. Steer weights are now 45 pounds lower over the summer versus the average seasonal increase of 57 pounds. Typically, weights top in late November or early December. The cash market remains strong on tight supplies, but there will be rising weekly kills. December Live cattle need to close above $185.20 to break the bearish futures trend bias.