Nov/Jan/March Soybeans traded 70-cent ranges today – that’s some profit and loss – and closed with huge losses. The bears took control again today after a corrective rally on Wednesday. Ideas that production is better than expected, harvest selling pressure, weaker exports and a stronger U.S. dollar all contributed to the weakness.  As shown on the chart on Tuesday, November Soybeans have support at $16.00.   

  Corn and wheat futures succumbed to pressure from falling prices in the soy complex.  The December Corn contract has developed support at $7.39 by posting lows there the past 3 days. $6.85 is the next level of really strong support where an up-gap exists from July.

  Cattle futures closed moderately lower as a strong dollar and weakness at the CBOT encouraged traders to cut positions.  The latest weekly beef export figure was disappointing at only 2/3^rds of the previous week’s exports.  Boxed beef values were steady while feedlot trade has not been established.  The monthly Cattle on Feed Report comes out tomorrow afternoon; the pre-report estimates are shown below.

  Lean Hog futures closed mixed. A short-term uptrend has been established on the charts. The Pork Cutout soared back $2.19 today to $77.73, near Monday’s quoted level.

  Forecasts released today show the Corn Belt will be warmer and drier than normal through the end of the year – on average.   Thus, the drought may improve slightly in the eastern CB, but not improve in the western CB.  See these maps below prices.

Corn Dec -10.5 746 (739-757); Mar -9 749.5; Dec’13 +.5 640

Bean Nov -51 1619 (1616-1686); Mar -51 1576; Nov’13 -27 1339   Meal Oct -17 482;  May -11 437   OIL -120 5463

Wheat Dec -2 879.5; Jly -3 863 (852-870)   KC -.5 909.5;  MGE -1.5 940.5

LC Oct -60 12575; Dec -95 12815; Apr -52 13560

FC Sep -70 14412; Oct -27 14672; Jan -30 15020

LH Oct +10 7485; Dec -52 7420; Jun +7 9725

Milk Sep +8 1894; Oct -6 2024

Oats -2.5 373

Rice +7 1519

US$ +.4%

Dow +19 13597

SP -1 1460

NAS -7 3176

Tran -141 4962

 VIX +.19 14.07

WTI +16 9214

Brent +237 11056

Gas +9 292

NG +5 281

HO +6.4 311

Eth -3.5 225

Gold -1 1768

Slvr +10 3469

2-yr unch 0.262%

5-yr +.005 0.691%

10yr -.007 1.767%

30yr -.015 2.946%

Deadline Nears for Noninsured Crop Assistance    USDA’s Farm Service Agency’s (FSA) wants to remind agricultural producers that October 1, 2012 is the deadline to obtain crop year 2013 NAP coverage for crops such as wheat for forage and barley for forage.  The normal deadline is September 30th, but due to September 30th being on Sunday, producers have until Monday to obtain this coverage.