The CBOT pulled back heading into the weekend on profit taking and NOAA’s new August weather forecast that shows more moderate temperatures and normal rains for most of the Corn Belt and Midwest. While any forecast longer than 10-days has been highly inaccurate this summer, the latest guidance was enough to prompt profit taking, hedge selling, and some “risk off” trade heading into the weekend. It’s notable that the EU model and other private models do not yet agree with NOAA’s assessment, and their predictions of more hot, dry weather must be closely watched. 

Once again, the monthly Cattle on Feed report featured a major surprise in the placements category, which rose 3 percent from last June. The pla...