CBOT futures are trading mostly lower with corn and soybeans near the day’s lows. Wheat futures have rallied sharply in the last half-hour.  Soybean futures rallied into the night on Tuesday’s late strength.  However, prices headed lower before sunrise and have trended down through the morning.  This has also pressured corn futures.  Fundamentals remain the same with a tight old-crop soybean situation offset by expectations of huge corn and soybean crops this fall IF normal weather dominates the growing season.

Technically, all three commodities are respecting lows set earlier this week.  U.S. wheat is not price competitive in the world market and rainy harvest conditions have lowered the quality in many areas. Traders are also talking about the risk of China liquidating a large amount of corn stocks into their market. U.S. corn exports will have more competition in 2014/15.

Cattle futures are trading mixed after moving higher earlier today to new contract highs.  This may be a sign of profit-taking ahead of the 3-day weekend and might set up a double-top on the nearby Live Cattle chart – time will tell.

Lean Hog futures are higher with the larger gains in the deferred contracts priced far below the nearby market.

Corn Sep -5 411; Dec -6 417 (416-23)

Bean Aug -8 1319; Sep -8 1176; Nov -10 1137 (1135-52) Meal Aug -3 427; Oct -2 363 Oil Aug -21 3876

Wheat Sep +3 575; Dec +3 598 (592-600) KC unch 688; MGE -2 668

Oats Sep +6 343 Rice +11 1364

LC Aug +17 15167; Dec -45 15492 FC Aug +10 21587; Oct -37 21690; Mar +37 21067 LH Jly +15 13120; Oct +20 11435; Feb +90 9360 Milk Jly +5 2128; Aug -13 2056

US$ +.2%

Dow unch SP +.1% NAS +.1% Tran -.3% VIX -3.8% 10.73

WTI -.2%

Brent -.5%

Gas -.2%

NG -1.8%

HO -.7%

Eth +.3%

Gold +.2%

Slvr +.7%

5-yr +.04 1.70% 10yr +.04 2.61% 30yr +.05 3.445%

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