CBOT futures have traded both sides today but are now mostly lower. Overnight there was strength in old-crop soybeans and meal as well as wheat futures. However, the soy contract sold off strongly once the pits opened at 930 am CT. November Soybeans have moved to a new contract low and poking below the July-August downtrend support. Recent rains in the Corn Belt should ensure big crops with traders anticipating USDA’s production forecasts to grow larger.

Livestock futures are surprisingly higher given last week’s weak beef and pork markets. At midday today, pork is steady and beef is up slightly. Friday’s Cattle on Feed report was considered slightly negative.

Corn Sep -5 360; Dec -4 367 (365-70); Dec’15 -4 407 Bean Sep -21 1145; Nov -12 1029 (1027-37); Nov’15 -11 1037 Meal Sep -23 410; Dec -10 343 Oil +39 3275 Wheat Sep -8 544; Jly -4 592 (590-601) KC -7 626; MGE -7 619 Oats unch 384 Rice +13 1296

LC Aug +45 15230; Oct +102 14802; Apr +72 15122 FC Aug +97 21707; Sep +155 21245; Mar +115 20565 LH Oct +75 9362; Dec +85 8800; Apr +110 8935 Milk Sep +16 2369; Oct +30

US$ +.2%

Dow +.7% SP +.7% NAS +.6% Tran +.3% VIX -1.6% 11.29

WTI -.2% Brent +.3% Gas +.5% NG +2.3% HO +.4% Eth -.8% Gold -.2% Slvr -.4%

5-yr +.010 1.671% 10yr -.005 2.398% 30yr -.008 3.149%

 

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