Call it a turn-around Tuesday overnight.

Grains bounced overnight after being progressively sold throughout Monday's session, reaching technically oversold values. Soybeans and soybean meal are becoming oversold with harvest pressure fading. Meanwhile, as of Sunday, the US corn harvest was reported at 81% complete versus 68% a year ago. The US soybean harvest is put at 89% complete. Wheat winter wheat crop ratings are well below average against expectations, with only 38% rated GD/EX versus 53% on average, but they are largely being ignored with widespread rainfall on the way.

Palm oil pushed higher again overnight, helping soybean oil recover overnight alongside a slightly lifting crude oil market. Meanwhile, uncertainty clouds soybean oil usage, and details to the biofuel policy for early 2025 onward are causing large buyers to slow purchases.

It is interesting to note that some concerns are building in parts of Western Mato Grosso, where the recent rainfall coverage has not been as great as seen elsewhere. Farmers there say they will likely skip soybeans this year, according to Agrinvest, a Brazilian cash brokerage and analytical firm, who is choosing to go straight to cotton, the region's primary crop. While the loss in acreage may not be great, we are hearing others may cut back on their Safrinha planting plans after the delay in bean planting and the lack of clear margin potential.

It’s being reported that after the elections, China's plans to roll out anywhere from $840 billion to $1.4 trillion to local governments to term out their hidden and deeply problematic debt could be seen as incredibly supportive. Local governments saddled with debt have been part of the issue regarding the lack of growth and development across the nation. Analysts say the plan will likely be announced next week, with a more robust spending package said to be in the works in the instance of a Trump election win.

US weather forecasts are trending wetter from October 31 to November 6, though there is debate over the coverage of heavy rains. The EU and GFS models agree that cumulative rainfall of 2-4″ impacts E OK, E KS, MO, IA, WI, IL, and IN.

Live and feeder cattle futures had a firm trade on Monday after a lower start. They found good buying pushing both markets higher, and the weaker corn prices supported feeder cattle. Negotiated cash markets will start to see interest by Thursday. Box beef values were mixed on Monday, with choice gaining $one to six while select was off $2.90. The choice/select spread now has strength to a $31.32 choice premium.

Last Friday’s Cold Storage report showed end-of-month September beef stocks rising 6% from August but were down 2% from a year ago. This is now the 20th consecutive month of year-over-your declines in be stocks, and it’s a small September stocks figure since 2014. The October WASDE report estimated year-and stocks down 4% from a year ago, the tightest beef stocks figure in 10 years. Seasonal highs for stocks are typically forged in December or January. This Thursday’s expiration of the October cattle contract, but the early week cash outlook is firm, supporting any corrections this week.