Rich Nelson with Allendale, Inc. says grains continued to rally on Wednesday with livestock leaning lower. Funds continue to cover short positions in the grain markets but there is also a fundamental push coming from moderating yield expectations in South America and in the U.S. The U.S. sentiment was reflected in their national annual yield survey. That combined with a pick up in demand could keep the rally going for awhile. Cattle futures consolidate with some early lower cash at $180 in Kansas and despite strong beef values post-Labor Day. Hog futures also set back after a strong chart breakout and push from stronger demand. So is the rally over?

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