CBOT futures rallied Sunday evening on disappointing weekend rainfall and warm temperatures to start the week.  However, prices weakened overnight and have been under pressure since pit trade opened at 930 am CT.  The September corn and soybean contract are especially weak, signaling that concerns may be waning about running short of old-crop supplies as corn harvest spreads to more areas.

KC and Chicago Wheat futures are pressing on chart support while the MGEX wheat contract has moved to a new low.

The cattle market continues to look for fundamental direction.  Light cash trade last week was mostly at steady prices. Early futures strength today has given way and the LC contracts are now at/near the day’s lows.

Lean Hog futures are mixed, holding the huge gains made last week. Last week’s slaughter was short, so traders will watch the receipts closely.

Corn Sep -15 476; Dec -4 464; Mar -5 476 Bean Sep -27 1410; Nov -5 1362; Mar -5 1338 Meal Oct -2 432; Mar -1 416 Oil -24 4319

Wheat Dec -7 641; Jly -7 655 KC -6 689; MGE -5 708

Oats -4 315 Rice -11 1530

LC Oct -20 12547; Feb -15 13085 FC Sep -20 15637; Nov -67 15797 LH Oct -25 9065; Dec +10 8710 Milk Sep +9 1815; Oct +16 1802

US$ -.4%

Dow +.6% SP +.5% NAS +.6% Tran +.9% VIX -.4% 15.92

WTI -.7% Brent -1.2% Gas -.8% NG +1.3% HO -.7% Eth +.3%

Gold +.1% Slvr -.5%

5-yr -.05 1.71% 10yr -.04 2.90% (traded above 3% Friday) 30yr -.03 3.84%

USDA’s Farm Service Agency Reminds Producers of Important September Deadlines for the Direct and Counter-Cyclical Program (DCP)    Lexington, KY  Sept. 9, 2013 — Kentucky USDA Farm Service Agency (FSA) Executive Director SED John W. McCauley reminds producers of two important Direct and Counter-Cyclical Program (DCP) deadlines this month. Producers who have either not yet enrolled in DCP or have not yet signed their DCP contracts must do so by close of business Monday, Sept.16, 3013.  Contracts filed after this date will be elevated from the county office to the state office and will require State Committee action. Additionally, McCauley reminds producers that any succession-in-interest changes made to an operation that affect interest in base acres since the current DCP contract on file was signed, must be reported to the local FSA office by close of business Monday, Sept. 30, 2013.

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