USDA is still using pork production estimates that are just too large.
Allendale warns there are more upward revisions coming to exports.
Seasonally, there is a small slump in prices from the start of February to mid-month.
South America's crop-weather and USDA's February Supply/Demand Report will influence upcoming corn market.
LA Nina patterns are weakening a bit.
This week's East Coast storm won't stop the trade's bullish bias, but may slow things temporarily.
After disappointing weekly export numbers, the corn market looks ahead to upcoming USDA reports.
For the year, February 2018 live cattle futures will end 2017 at prices 4% over the end of 2016 price for the 2017 February contract.
We have only sold 67% of USDA’s whole-year soybean export goal by this point.
Though we don’t like trading seasonals blindly, we can’t ignore that this renewed bear focus for cattle does fit with the “norm” for this time.