Markets turned out quite favorably today considering yesterday’s volatility and extreme price drops. Many analysts believe the financial markets will continue to experience elevated volatility and could test lower levels. But others are more positive on the equity markets. Only time will tell and the direction may depend on how the world’s economic and health problems get worked out.

Corn and soybean futures have performed well but harvest activity should accelerate in the coming days and this could increase hedge pressure. The weekly export sales report was delayed until tomorrow due to Monday’s holiday.

Cattle futures closed sharply higher, supported by the comeback in equity indexes after a sharply lower opening this morning. However, boxed beef values weakened today with Choice carcasses down 1.57 at 248.92; Select carcasses down 0.52 at 234.92/cwt.

Lean Hog futures added losses to yesterday’s limit-down moves as the pork cutout fell sharply for the second day this week. FOB Plant Pork down 3.27 to 113.72/cwt. This compares to 122.63 last Friday.

Corn Dec +5 352; May +5 374; Dec15 +4 397 Bean Nov +14 966; May +12 990; Nov15 +10 980 Meal Dec +7 335; May +5 321 Oil +38 3236 Wheat Dec +11 517; Jly +10 543 KC +13 605; MGE +12 576 Oats +3 347 Rice -8 1251

LC Oct +230 16525; Dec +282 16530; Apr +235 16245 FC Oct +280 24020; Nov +300 23715; Mar +295 22965 LH Dec -160 9032; Feb -275 8645; Apr -255 8645 Milk Oct -14 2399; Nov +20 2169

US$ +.1%

Dow -24 16117 SP unch 1863 NAS +2 4217 Tran +89 8026 VIX -105 2520

WTI +126 8304 Brent +69 8447 Gas +6 221 NG +1 381 HO +2 248 Eth +8 171 Gold -5 1240 Slvr -9 1737

2-yr +.027 0.335% 5-yr +.060 1.372% 10yr +.063 2.155% 30yr +.058 2.937%

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