Harvest progress is running about average for both corn and soybeans, according to USDA data.  Corn harvest in the 18 major states is 73 pct done, compared to 95 pct last year and 71 pct for 2008-12.  Soybean harvest is 86 pct complete, compared to 92 pct in 2012, and 85 pct over past 5 years.  Kentucky’s harvest pace is 83 pct on corn and 51 pct for soybeans (SEE TABLE BELOW).

CBOT futures closed mixed with prices reacting to today’s USDA export inspections report.  For last week, wheat exports were way below expectations, while corn was a little above and soybean exports were way above expectations.

Corn traded in a very narrow range.

Trade may be somewhat subdued this week ahead of Friday’s Crop Production Report.  The industry is expecting a huge jump in yield estimates compared to the September estimates.

Cattle futures posted small gains on the day with small trading ranges. Last Thursday’s Cattle on Feed report was supportive. Fed supplies are tight.

Lean Hog futures closed with mixed results. Deferred futures firmed on concerns that PEDV is reducing futures supplies.  The nearby situation is less bullish as cash hog prices weaken even as the Pork Cutout jumped today.

Corn Dec -1 426; Jly -1 451; Dec14 unch 467 Bean Jan +5 1256; JLy +3 1228; Nov14 +3 1149 Meal Dec +2 397; Jly +3 374 Oil -34 4125 Wheat Dec -5 663; Jly -6 679 KC -4 729; MGE -6 719 Oats +3 332 Rice +3 1523

LC Dec +2 13210; Feb +20 13367; Apr +45 13390 FC Nov +10 16360; Jan +37 16385; Apr +20 16555 LH Dec -2 8832; Feb +35 9157; Jun +62 9930 Milk Nov +4 1888; Dec -13 1814

US$ -.2%

Dow +.1% SP +.4% NAS +.4% Tran +1.2% VIX -2.6% 12.93

WTI -.1% Brent +.3% Gas -.6% NG -2% HO -.4% Eth -2.8%

Gold +.1% Slvr -.9%

2-yr -.01 0.31% 5-yr -.03 1.35% 10yr -.02 2.60% 30yr unch 3.70%

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