Corn Dec +2 368 (366-70); Jly +1 390

Bean Jan -4 901 (900-09); Jly -3 940

  Meal +1 301

  Oil -51 3069

Wheat Dec -6 509; Jly -5 518 (517-26)

  KC -5 421; MGE -6 495

Oats Dec unch 313; Jly +2 300

Rice +14 1224

 

LC Dec +2 11932; Feb -42 12505; Apr -47 12577

FC Nov -107 14552; Jan -147 14260; Apr -127 14410

LH Dec +20 6065; Feb +67 6745; Apr +117 7410

Milk Dec +28 1872; Jan +25 1821

CBOT futures closed mixed again today but soybean futures continue to drift lower in a well-established downtrend. This morning export sales report was generally positive for corn and soybeans, but the lack of a US/China deal is weighing on the market. Corn futures have posted nearly the same low for four straight trading days. If this level fails, it portends additional losses, possibly to the September lows. A strong corn basis amid a much-delayed corn harvest is supportive. Wheat futures traded higher early but failed severely, resulting in closes at/near the daily lows. Chicago and KC wheat have stabilized lately, but MGEX spring wheat is trending lower week after week. December MGEX is only a dime from the contract low set in September. Soybean oil futures have fallen to a key level on the chart.

Except for the December LC contract, cattle futures closed lower ahead of Friday’s cattle on feed report. Traders expect heavy October placements (112.2%) will push the on-feed inventory to 101.3% of year ago. Cash trade will likely wait for the report. There was a crack in the boxed beef market today. Choice beef fell 3.35 to 234.86 and Select slipped .91 to 213.86.  The Choice-Select spread narrowed to 21.00 cents/lb.

Lean hog futures closed higher, ending a general sell-off over 6 trading days. Thanks to a very strong weekly pork export sales report, LH futures traded strongly higher early. However, sharp losses in the pork markets erased a good portion of the rally. FOB Plant Pork sank 5.11 to 81.47 as bellies fell over 11 pct, hams lost over 9 pct, and loins/picnics fell 2-3 pct. The morning quote was down 6.05 with even bigger losses in the belly price.

 

US$ +.1%

Dow -55 27766

SP -5 3104

NAS -21 8506

Tran -14 10681

  VIX +.35 13.13

 

WTI +132 5833

Brent +126 6366

Gas +4 169

NG +2 258

HO +4 194

Eth +1 142

Gold -9 1465

Slvr -3 1708

 

2-yr +.037 1.609%

5-yr +.035 1.619%

10yr +.036 1.774%

30yr +.028 2.231%

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