CBOT futures closed higher today following Tuesday’s losses. Futures firmed overnight on short-covering with early morning gains favoring soybean futures on export sales announcements. But the best gains came in KC and Chicago wheat futures where some contracts hit new highs for the move off the late-August lows. Traders bought wheat on unfavorable weather conditions in some regions.

Live cattle and feeder cattle futures soared today with futures rallying steadily after opening near unchanged from Tuesday’s close. Trader optimism for the cash market started the buying and the rally accelerated as prices hit buy-stops. October LC has recovered about 50% of the $15 price drop from July through August. October LC is now at a huge premium to today’s $106.67 price traded at the Fed Cattle Exchange. Boxed beef was little changed with Choice dropped .07 to 192.04 and Select lost .31 to 188.52. The monthly Cattle on Feed Report is coming out Friday with an average estimate of September 1 on-feed inventory at 102.7% of the year-ago value.

Weakness in cash hog prices and bearish attitudes weighed on the nearby October LH contract. Market receipts are running ahead of week-ago levels. FOB Plant Pork edged up .04 to 76.28.

Corn Dec +2 350 (347-51); Mar +2 362

Bean Nov +4 970 (965-74); Mar +4 990

  Meal +1 306

  Oil +15 3467

Wheat Dec +7 450; July +5 494 (488-95)

   KC +6 448; MGE +4 621

Oats +6 246

Rice +2 1280

 

LC Oct +297 11095; Feb +187 11905; Apr +155 12142

FC Sep +240 15397; Oct +447 15727; Jan +332 15307

LH Oct -147 5865; Dec +20 5992; Feb +12 6450

Milk Sep +6 1633; Oct +13 1590

The US Dollar was weakening until the Federal Reserve announced at 2:00 pm that it will reverse its monetary easing program and may raise interest rates by December.

US$ +.7%  92.46 

Dow +42 22413

SP +2 2508

NAS -5 6456

Tran +147 9654

  VIX -.50 9.68

 

WTI +93 5041

Brent +106 5620

Gas unch 166

NG -4 308

HO +3 181

Eth -2 154

Gold +6 1316

Slvr +6 1725

 

2-yr +.041 1.442%

5-yr +.038 1.874%

10yr +.023 2.266%

30yr -.007 2.807%

 

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