Corn futures were steady-lower early Tuesday morning after falling Monday on pressure from the larger than expected production numbers out last Friday. After the USDA was closed Monday for Columbus Day, the crop progress report and the export inspections report will resume today. The crop progress report is due out at 3:00 p.m. and expectations for corn crop harvest is 40-43% complete. Looking ahead, the trade will focus on farmer yield reports and the FSA acreage data due out this Wed Oct 14. The Dollar and gold were lower while crude oil was higher. Equity futures were lower with the S&P mini down .40% and the DJ mini down .42% December corn futures fell .5 cents to $3.8025/bushel early Tuesday morning, while March lost 0.75 cents to $3.9175.  

The soy complex was higher early Tuesday with nearby beans trading higher six of the last seven sessions on the run up to and the follow-through after the Oct WASDE report. Weekly export inspections data due out at 10:00 a.m. this morning will shed more light on the state of demand for U.S. beans, meal, and oil. The trade expects soybean harvest to reported at 60-63% complete. The NOPA crush report will be released Thursday 15 Oct at 11:00 a.m. Midwest weather continues to look favorable for the remaining days of harvest. One week from this Sunday, Argentina will vote for a new president and farmers there hope the export tax will be cut. November soybeans moved 5.5 cents higher to $8.93/bushel early Tuesday morning, while December soyoil gained 0.38 cents to 28.18 cents/pound and December meal gained $1.7 to $311.2/ton.  

The wheat complex was neutral-higher after falling the last five sessions on the higher-than-expected global outlook for wheat. France raised their wheat production from 40.6 million tonnes to 41.6 million tonnes. Dry weather continues to plague farmers in the Black Sea regions with Ukrainian farmers facing soils much dryer than they had hoped for planting. Yield outlook are not yet at risk but it appears that planted acreage could be severely affected. The December CBOT wheat futures were 1.5 cents higher at $5.0825/bushel Tuesday morning, while Dec KC wheat gained 1.5 cents to $4.9925, and December MWE edged 0.75 cent higher to $5.29.                 

Live cattle futures closed higher Monday, gaining ground to start the week, along with other commodities in the protein complex. A turnaround in cash beef prices Monday suggested to the trade that much of the heavy weight cattle inventory has been cleaned up, fixing the supply glut and firming futures prices. Boxed beef cutouts were mixed Friday with choice up 1.32 to 204.32 and select up 1.12 to 199.01. Cattle slaughter so far this week was at 112,000 head, compared to 106,000 head last week and 110,000 head this time last year. December cattle lifted 0.15 cents to 137.57 cent/pound Monday, while February cattle lifted 0.30 cents to 139.75 cents/pound. November feeder cattle moved 1.55 cents higher to 186.60 cents/pound, while January feeders gained 1.02 cents to 181.07 cents/pound.  

CME lean hogs firmed Monday after closing mixed last Friday. Cash hogs were lower by .26 to 70.44. Supermarkets continue to taper October buying as needs for the month have been met and as grocers consider November holiday buying and competition from poultry. There is still an 8 cent spread between the lean hog cash index and the Dec futures contract, with futures trading at a discount to cash, suggesting strength this ahead in futures. Hog slaughter so far this week is 419,000 head, compared to 435,000 last week and 425,000 this time last year. December hog futures gained 0.60 cents to 66.50 cents/pound Monday, while April hogs advanced 0.60 to 73.45. 

ICE Cotton futures continued higher Tuesday on data last Friday showing lower than expected production and higher than expect exports. Cotton production came in at 13.34 million bales (480 lb.), compared to the trade forecast of 13.51 million and the Sep estimate of 13.43 million. Exports were reported at 10.20 million bales, higher than the trade estimate of 10.10 million and steady with the USDA’s Sep forecast. 2015/16 ending-stocks were reported at 3.1 million tonnes, lower than the trade estimate of 3.39 million and the Sep figure of 3.2 million. 2015/16 ending stocks edged slightly higher than the average trade forecast to 106.97 million bales from 106.26 million. December cotton futures gained .04 cents to 61.73 cents/pound, while May cotton advance 0.10 cents to 62.14.