CBOT futures started the day lower as frost damage in the northern states was less than feared. Prices then rallied on some corn and soybean export sales. The strong soybean oil market lifted soybean futures. Soybean oil futures rose last week on a stronger palm oil market; today, the bullish NOPA soybean oil stocks report added support. Traders are now waiting for USDA-FSA to release updated certified acreage data in the morning. Wheat futures hit new contract lows and closed weak outside Chicago. Average crop condition ratings are unchanged week/week and are far higher than normal – thus the record-large yield forecasts.

Corn Conditions – 18 States .      Good/Excellent Poor/V.Poor This Week 74% 7% Last Week 74% 7% Last year 53% 18%

In MATURE stage: 27% vs 39% average HARVESTED: 4% vs 9% average

Soybean Conditions – 18 States .          Good/Excellent Poor/V.Poor This Week 72% 6% Last Week 72% 6% Last year 50% 18%

Setting Dropping Leaves: 24% vs 32% average

SPRING Wheat Harvested – 6 States 74% this week versus 89% last year and 86% for 5-year average.

U.S. Pasture: 50% good/excellent vs 48% last week and 34% year ago. 19% poor/v.poor vs 20% last week and 37% year ago.

Cattle futures closed little changed after testing both sides of unchanged. The October LC contract remains at a $4-5/cwt discount to last week’s cash trade of $161. Boxed beef slipped today with Choice carcasses down 0.91 at 249.02 and Select down 1.26 at 233.28/cwt. Feeder cattle futures remain relatively close to contract highs.

Lean Hog futures closed mixed with the nearby October LH contract lifted by a huge pop in wholesale pork values -- FOB Plant Pork up 2.28 to 108.85 on a strong Loin market.

Corn Dec +4 343; May +4 363; Dec’15 +4 389 Bean Nov +4 989; May +6 1011; Nov’15 +3 998 Meal Oct unch 339; May -1 323 Oil +72 3327 Wheat Dec -2 501; Jly -1 538 KC -7 586; MGE -9 568 Oats +6 354 Rice -2 1276

LC Oct +7 15635; Feb +12 15970; Apr +30 15785 FC Sep -22 22925; Oct -7 22585; Mar unch 21727 LH Oct +37 10607; Dec -45 9585; Apr +45 9260 Milk Oct +44 2379; Nov +34 2101

US$ +.1% 84.23

Dow +44 17031 SP -1 1984 NAS -49 4519 Tran -31 8521 VIX +.81 14.12

WTI +54 9281 Brent -46 9665 Gas +1 253 NG +8 393 HO unch 274 Eth +1 182 Gold +2 1233 Slvr +6 1866

2-yr -.020 0.544% 5-yr -.029 1.790% 10yr -.023 2.591% 30yr -.009 3.342%

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