At the CBOT, Wednesday’s sharp losses are carrying through today to lower corn and wheat futures; however, soybean futures are slightly higher on the strength seen in the soybean oil market.  Market news credits heavy rains potentially impacting palm oil production.  Funds appear to want to reduce their commodity positions going into the end of 2012.

Cattle futures are moderately lower waiting for the cash market to be established.  December futures are at a premium to the last cash trade and will end trading December 31.

Lean Hog futures are lower on follow-through selling after yesterday’s late day price reversal. Traders will be positioning ahead of Friday’s Hogs and Pigs Report.

Equities have extended their losses after Senator Reid said he didn’t think a “fiscal cliff” deal can be done in 2012.

Corn Mar -1 692; Jly -2 692; Dec -3 596

Bean Jan +2 1426; Jly unch 1404; Nov +2 1302 Meal Jan unch 431; Oct unch 374 Oil +20 4849

Wheat Mar -5 769; Jly j-4 787 KC -3 821;  MGE -3 866

LC Dec -75 12860; Feb -70 13307; Oct -65 13442 FC Jan -72 15135; Apr -85 15600; Aug -75 16175

LH Feb -67 8677; Apr -57 9090; Jly -42 9945

Milk Jan +10 1818; Feb -2 1833

Oats -5 355

Rice -4 1511

US$ steady

Dow -.7%

SP -.8%

NAS -.7%

Tran -.6%

VIX +4.6% 20.39

WTI -.2%

Brent -.5%

Gas +.1%

NG -2%

HO +.3%

Eth -.1%

Gold +.1%

Slvr +1.4%

5-yr unch 0.738% 10yr +.009 1.730% 30yr +.022 2.897%