Tuesday, October 21, 2014 2:31PM CDT
A provision in the 2014 farm bill essentially waives Actual Production History yields that collapsed due to extreme weather. The APH exclusion would adjust a farmer's actual yields for crop insurance in counties where the average planted-acre yield tumbled at least 50% below a 10-year county average. USDA is allowing farmers of some spring crops to take advantage of the exclusion, but winter wheat farmers may have to wait until at least next year.
Corn is unchanged at 6 a.m. (CT); soybeans are higher; wheat is higher.
Nearby live cattle futures are pointing toward a quiet opening with mixed trade hovering in a narrow range during overnight trade. Additional volume is expected to redevelop with the emphasis in feeder cattle likely to be placed on position squaring following the sharp triple digit rally Monday.