The CBOT has turned ugly today with sharp losses in all futures.  Friday’s down day has been followed by more selling today. On Friday, soybean futures broke chart support at the October lows and filled the July price gap. The Funds are liquidating their long positions. 

  Corn futures started the day slightly higher but succumbed to selling as the soy complex’s losses magnified.  December Corn broke its long-standing support at $7.32; the next support is $7.05, then 6.855 from July.

  December Wheat is more than 50 cents below Friday’s high, but remains above critical support at 8.53 and 8.40.  The three major commodities are all about 3 percent down on the day.  Soybean meal is losing relative to soybean oil.

  Live Cattle futures are near steady on lack of new fundamentals. Deferred feeder cattle future are higher on the sharp drop in feed costs.

   Lean Hog futures are steady, holding near the new highs set on Friday. $80.95 is resistance, then $82.30 from July.

Check this BEEF Magazine e-newsletter out for market analysis on cattle and hay. http://enewspro.penton.com/preview/beef/BEEF-05/20121110_BEEF-05_783/display

U.S. equities have turned down and are at/near the day’s lows on “fiscal cliff” concerns.

Corn Dec -26 713; Mar -25 717; Dec’13 -21 609

Bean Jan -48 1403; Mar -49 1387; Nov’13 -34 1286 Meal Dec -16 433; May -18 407   Oil -70 4707

Wheat Dec -27 860; Jly -28 860   KC -30 892; MGE -26 925

LC Dec -15 12560; Apr -22 13305

FC Nov +5 14425; Jan +65 14625; Apr +57 15037

LH Dec +5 8080; Feb -7 8625;

Milk Nov -3 2075; Dec -20 1929

Oats -8 355

Rice -22 1500

US$ unch

Dow -.2%

SP -.2%

NAS -.2%

Tran +.6%

VIX -5.3% 17.62

WTI -.3%

Brent +.1%

Gas +.9%

NG +.6%

HO unch

Eth -2.2%

Gold unch

Slvr -.7%

 Cash Treasuries are not trading today in observance of Veterans Day.