CBOT futures reversed direction from Tuesday, posting losses. Futures pushed to new highs before the 8:00-8:30 am break in trading, but soon headed south thereafter. The funds were selling futures despite the weaker US Dollar and higher precious metals. Similar to yesterday, soybean futures outperformed corn and wheat, supported by news of an export soybean sale. Harvest pressure will persist. Corn futures posted bearish outside down days on the charts. Traders are talking about dry conditions in Australia, the Black Sea area, the U.S. Plains and areas of South America. Tonight’s 6-10 day outlook shows above-normal rainfall in wheat country. Temperatures should average above normal throughout the eastern U.S. – once we get past this weekend’s frost/freeze threat.

Cattle futures closed mixed with the nearby October LC contract supported by stronger boxed beef values. Choice carcasses up 2.15 at 210.61; Select carcasses up 2.28 at 205.62. Retailers are back in the game.

Lean Hog futures closed lower today after the October LH contract expired. FOB Plant Pork dropped .49 to 88.43 (compared to 89.39 at midday).

Treasury yields fell sharply in risk-off trade as China’s economic data disappointed.

Corn Dec -5 379; Jly -5 401; Dec16 -4 406 Bean Nov -3 910; Jly -5 926; Nov16 -4 911 Meal -2 316 Oil +4 2883 Wheat Dec -11 508; Jly -10 525 KC -10 501; MGE -10 526 Oats unch 232 Rice -45 1214

LC Oct +132 13375; Dec +22 13742; Apr -12 13887 FC Oct +110 19080; Jan -17 18082; Apr -37 17887 LH Oct +25 7510; Dec -75 6682; Feb -27 6945 Milk Oct -5 1567; Nov -4 1573

 

US$ -.8% Dow -157 16925 SP -9 1994 NAS -14 4783 Tran +14 8092 VIX +.36 18.03

WTI -38 4677 Brent -19 4950 Gas +1 132 NG +4 254 HO +1 148 Eth -1 153 Gold +23 1189 Slvr +21 1612

2-yr -.072 0.553% 5-yr -.091 1.271% 10yr -.080 1.975% 30yr -.062 2.834%

Lexington Auction (Tues) Weighted Average Report for 10/13/2015 Receipts: 1076 Last Week: 1172 Year Ago: 1047 Compared to yesterday steer calves sold mostly steady except 600-700 lbs 2.00 to 3.00 higher and featherweights sharply higher in a light test with good demand. Heifer calves sold mostly steady except 500-600 lbs 2.00 higher with moderate demand. Quality was average through good. Slaughter cows traded 2.00 lower with light demand very light demand for fat breaker cows. Slaughter bulls traded steady to 1.00 lower with light demand.