CBOT futures closed mixed. Futures traded higher overnight but headed south when trading re-opened at 830 am CT. The day’s lows were hit by 10:30-11:00. Wheat recovered very little and finished sharply lower, but soybeans had a good bounce off the lows to finish higher. Although wheat posted bearish price reversals today, the uptrending channels are still in place. Traders are getting positioned for Friday’s USDA reports.

Cattle futures closed sharply higher after gapping higher on the opening “bell” on continued short covering. The cash markets didn’t join in as beef values slid again. Choice Beef dropped .59 to 203.58 and Select fell 1.17 to 197.70. The October LC contract is now more than $8.00 above the contract low set just 3 days ago. October Feeder Cattle are over $10.00 above the low.

Lean Hog futures closed mostly lower after starting higher on the 8:00 a.m opening. Futures are pushing up against chart resistance and weaker cash markets today didn’t encourage buyers. FOB Plant Pork lost .10 to 86.93.

Corn Dec -2 396; Jly -2 417; Dec16 -2 417 Bean Nov +3 891; Jly +4 909; Nov16 +3 899 Meal +3 305 Oil -9 2842 Wheat Dec -9 517; Jly -9 532 KC -8 508; MGE -8 533 Oats unch 219 Rice -4 1332

LC Oct +422 12935; Feb +202 13767; Apr +180 13730 FC Oct +242 18495; Jan +347 17627; Apr +345 17610 LH Oct +22 7382; Dec -75 6597; Feb -100 6882 Milk Oct -8 1563; Nov -17 1559

 

US$ +.1% DOW +122 16912 SP +16 1996 NAS +43 4791 Tran +108 8080 VIX -1.02 18.38 -5.3%

WTI -28 4874 Brent -32 5213 Gas -3 140 NG unch 247 HO -2 159 Eth -3 157 Gold -1 1145 Slvr +7 1605

2-yr +.024 0.629% 5-yr +.043 1.372% 10yr +.035 2.070% 30yr +.025 2.897%