CBOT futures closed steady to lower. Corn and soybean futures traded both sides of unchanged with a mid-morning rally followed by late-day weakness. The ongoing harvest of large crops weighs on the market. Corn futures are up against technical chart resistance. Soybeans were pressured by yesterday’s bearish price action; October soybean meal fell to a new low for this move – some $60/ton below the July highs. Wheat reversed yesterday’s gains and closed near the day’s lows. The spec funds continue to be long corn and short soybean futures.

Cattle futures closed sharply higher as futures bounced off of yesterday’s lows as traders booked profits ahead of the weekend. Boxed beef values continued to drop. Choice down 1.78 at 205.77; Select down 1.85 at 201.36. Next week could provide signs whether cattle futures have found a bottom.

Lean Hog futures closed moderately higher in a rebound from yesterday’s sharp losses. Support may have come from strong cattle futures and the long-term uptrend seen since late August. FOB Plant Pork dropped .88 to 85.53, compared to +.10 at noon.

Corn Dec unch 389 (384-91); Jly unch 410; Dec16 -1 410 Bean Nov -3 874 (868-82); Jly -2 891; Nov16 -1 883 Meal -4 298 Oil +75 2784 Wheat Dec -5 513; JLy -4 525 KC -7 500; MGE -4 527 Oats -9 212 Rice -5 1325

LC Oct +167 12307; Feb +92 13372; Apr +110 13352 FC Oct +210 17950; Jan +245 16935; Apr +240 16892 LH Oct +72 7335; Dec +85 6537; Feb +102 6822 Milk Oct +1 1559; Nov -5 1566

 

US$ -.7% 95.46 (95.21-96.37) Dow +200 16472 SP +28 1951 NAS +81 4708 Tran +41 7874 VIX -1.61 20.94

WTI -56 4418 Brent -54 4715 Gas +3 139 NG unch 256 HO +1 151 Eth +1 159 Gold +25 1139 Slvr +55 1506

2-yr 0.581% 5-yr 1.291% 10yr 1.991% 30yr 2.824%