CBOT futures closed mostly lower but corn held on to a penny gain. Everything headed lower at the 830 am opening, but corn and soybeans soon turned around and rallied. But wheat futures kept dropping and closed down the hardest as demand is weak and increased rain in the Plains’ forecast weighed on the market. In the last hour of trading, corn and soybean went opposite directions, resulting in the mixed close. Today’s export sales report came in close to expectations. There’s a lack of friendly fundamentals, so harvest pressure and somewhat negative charts weigh on futures. The spec funds’ largest position at the CBOT is being long corn futures.

The cattle market closed sharply higher as the cash cattle market soared $9-10/cwt with trades at $136-137/cwt in KS/NE/CO. Beef values did not respond similarly so packer margins fell sharply. Choice up 0.47 at 211.69; Select down 0.87 at 206.36. The October LC contract has now risen $16/cwt since the low was posted October 2; this contract is back to the Sept 22 level. The October FC contract is $19.00/cwt above the lows.

Lean Hog futures closed lower despite improved pork values as cash hog prices dropped. FOB Plant Pork jumped 1.49 to 89.31 on stronger values for all cuts.

Corn Dec +1 377; Jly +1 399; Dec16 +1 404 Bean Nov -7 898; Jly -7 915; Nov16 -6 902 Meal -2 312 Oil +2 2860 Wheat Dec -10 492; Jly -10 508 KC -13 483; MGE -11 512 Oats -4 231 Rice -17 1211

LC Oct +300 limit 13595; Dec +287 13942; Apr +265 14052 FC Oct +402 19380; Jan +317 18237; Apr +300 17977 LH Dec -125 6557; Feb -67 6845; Apr -50 7195 Milk Nov +1 1566; Dec -1 1568

 

US$ +.3% Dow +74 17216 SP +9 NAS +17 4887 Tran -130 8079 VIX -1.00 15.05 -6.2%

WTI +85 4772 Brent +73 5046 Gas +2 133 NG -2 243 HO +1 150 Eth unch 152 Gold -4 1184 Slvr -5 1611

Treasury yields added to yesterday’s gains. 2-yr 0.613% 5-yr 1.352% 10yr 2.035% 30yr 2.884%