Today’s export sales reports were neutral to friendly but CBOT futures closed lower on no significant bearish news so the selling may have been from a combination of smaller factors: stronger US dollar, weaker equity values, a sharp drop in metal prices, anti-ethanol mandate news, extremely long soybean positions by the speculators, and bearish technical action in wheat futures. Plus the December CBOT contracts go off the board tomorrow. (December KC Wheat crashed 27 cents)  Although prices made new lows for this week, corn futures were able to bounce back to mid-range in the last 2 hours of trading.

Live Cattle futures managed small gains on ideas fed cattle might trade steady with last week.  Feeder futures rose strongly on the lower CBOT prices. The January FC contract has room to run to $169/cwt.

Lean Hog futures closed slightly higher even though pork cutout values dropped over two percent to $88.13/cwt FOB PLANT. Cash hog prices were firm today.

Corn Mar -5 434; Jly -5 449; Dec -6 461 Bean Jan -20 1324; Jly -13 1283; Nov -9 1158 Meal Jan -9 430; Jly -4 403 Oil -41 3999 Wheat Mar -7 634; Jly -4 642 KC -6 678;  MGE -4 664 Oats +7 352 Rice -1 1546

LC Dec +35 13225; Apr +30 13412; Jun +17 12905 FC Jan +140 16707; Apr +105 16737; Aug +77 16877 LH Dec +40 8132; Feb +22 8800; Jun +20 9980 Milk Dec -9 1894; Jan -13 1830

US$ +.4%

Dow -104 15739 SP -7 1775 NAS -5 3998 Tran +2 7059 VIX +.12 15.54

WTI -10 9734 Brent -125 10845 Gas -3 263 NG +4 437 HO -4.5 298 Eth -10 183

Gold -33 1226 Slvr -85 1945

2-yr +.02 0.33% 5-yr +.03 1.53% 10yr +.02 2.88% 30yr +.01 3.90%

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