CBOT futures are trading mixed in relatively narrow ranges.  The soy complex remains under pressure from last week’s technical breakdown and from concerns that soybean oil prices will be pressured from growing palm oil supplies.  Wheat futures have been yo-yoing the past 3 days – rallying today on Chinese comments indicating they will need to increase wheat imports.

Cattle futures are strongly higher following Friday’s friendly Cattle on Feed Report which was followed up by $1/cwt stronger cash trade. Fed cattle price may be turning higher seasonally as cattle supplies tighten.   Feeder cattle futures are rallying to new highs.

Lean Hog futures are slightly higher without positive cash market news. Support may be coming from sharply higher cattle futures and from the 20-day moving average right under the market (October contract).  October remains at the low end of the range.

Financial markets are weakening as uncertainty rises about what Congress will do about the debt ceiling and funding government.

Corn Dec +2 453; Jly +2 480 Bean Nov -5 1310; Jly -3 1267 Meal Oct -.5 413; Jly +1 390 OIL -24 4185 Wheat Dec +7 653; Jly +6.5 664 KC +6 698; MGE +2 702 Oats -2 307

Rice -2 1552

LC Oct +87 12682; Feb +75 13227 FC Sep +20 15730; Oct +140 16162; Jan +112 16152 LH Oct +5 9010; Feb unch 8805 Milk Sep +1 1815; Oct +6 1815

US$ steady

Dow -.4% SP -.6% NAS -.6% Tran -1% VIX +11.4%  14.62

WTI -1.2% Brent -1.1% Gas -1.8% NG -1.2% HO -1.3% Eth +1%

Gold -.4% Slvr -.4%

5-yr -.03 1.45% 10yr -.03 2.71% 30yr -.03 3.74% 

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