CBOT futures are trading lower with the biggest losses in the Soy Complex. General pressure comes from excellent harvest weather and concerns about China’s economy slowing --note the sharp drop in equities, energy futures and Treasury yields. Disappointing US home sales weighed on the market.

Soy futures are down sharply on a private firm’s prediction that 2015 soybean acres will be over 87 million acres. Early 2014 soybean yields are reportedly very good. Furthermore, soybean prices are higher than normal relative to corn prices. Wheat has limited losses due to some sales to Egypt.

Cattle futures are modestly lower. Live Cattle have been under pressure lately from cash market concerns. But Feeder Cattle futures are still near contract highs as buyers bid away their feed cost savings. Last Friday’s Cattle on Feed Report was considered neutral to prices.

Lean Hog futures are trading mixed with the nearby October contract up modestly on higher pork values. At midday, FOB Plant Pork is up 1.35 to 114.89/cwt.

Corn Dec -3 328; May -4 349; Dec’15 -4 374 Bean Nov -21 936; May -22 957; Nov15 -22 948     Meal Oct -5 319; May -7 306      Oil -65 3181 Wheat Dec -2 473; Jly -6 505          KC -3 557; MGE -1 534 Oats -1 336 Rice -14 1256

LC Oct -52 15510; Feb -52 15972 FC Sep -70 22990; Oct -50 22822; Mar -45 21862 LH Oct +95 10692; Feb -17 9122 Milk Oct -20 2450; Nov -33 2230

US$ steady

Dow -.4% SP -.8% NAS -1.3% Tran -1.3% VIX +14.7% 13.89

WTI -1.1% Brent -1.7% Gas -2% NG -.4% HO -1.3% Eth -1.4% Gold +.2% Slvr -.1%

5-yr -.035 1.784% 10yr -.032 2.555% 30yr -.029 3.271%

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