CBOT futures posted small losses today as traders wait for the delayed Export Sales report tomorrow. In the absence of friendly demand news, the ongoing harvest and farmer selling appears to weigh on the market. While soybean futures remain somewhat close to the highs set this week, corn and wheat futures traded to new lows for recent activity and closed at/near the day’s lows. Working against the CBOT today was a weaker US Dollar.

Cattle futures dropped $1.00-2.00 per cwt today. Futures were higher before 8:30 a.m. and then sold off on profit-taking. October LC futures are at a strong premium to recent cash trade near $124/cwt. Cattle sellers are trying to get more this week. Choice Beef gained .61 at 211.22 and Select rose 1.61 to 207.23.

Lean Hogs closed down slightly on weaker cash hog prices and pork cutouts. FOB Plant Pork closed down .61 at 87.82 on weaker values for hams, butts and bellies. This compared to 87.07 at midday.

The stock market soared and Treasury yields rose as traders concluded the Federal Reserve won’t raise its key interest rate anytime soon. Today’s Consumer Price Index released today showed very little inflation.

Corn Dec -3 375; Jly -3 398; Dec16 -2 404 Bean Nov -5 905; JLy -4 922; Nov16 -2 908 Meal -2 314 Oil -25 2858 Wheat Dec -6 502; Jly -6 519 KC -4 496; MGE -2 523 Oats +3 234 Rice +13 1228

LC Oct -80 13295; Dec -87 13655; Apr -100 13787 FC Oct -102 18977; Jan -162 17920; Apr -210 17677 LH Dec unch 6682; Feb -32 6912; Apr -35 7245 Milk Nov -15 1558; Dec -10 1567

 

US$ +.5% Dow +217 17142 SP +30 2024 NAS +87 4870 Tran +117 8209 VIX -1.92 16.11 -10.8%

WTI +25 4741 Brent +50 5019 Gas +1 132 NG -7 245 HO +1 150 Eth -1 152 Gold +7 1187 Slvr +1 1613

2-yr +.036 0.597% 5-yr +.053 1.332% 10yr +.034 2.016% 30yr +.024 2.863%