Corn Dec +5 385 (378-89); Mar +5 394; Dec21 +3 395

Bean Nov +22 1044 (1021-54); Mar +17 1035; Nov21 +1 972

  Meal Oct +11 354 (343-57)

  Oil  +48 3329

Wheat Dec +8 593; Jly +7 596 (584-603)

  KC +10 534; MGE +3 538

Oats +3 291

Rice -7 1262

 

LC Oct +37 10920; Dec +20 11195; Feb +12 11535

FC Oct -192 13812; Jan -197 13615; Mar -192 13600

LH Oct +157 7632; Dec +122 6387; Feb +77 6895

Milk Oct -12 2051; Nov -11 1960

Some soybean and meal contracts made new contract highs. Corn scored new highs for the current rally off the August lows, reaching prices last seen in February 2020. December YC has rallied nearly 70 cents from the early August low of $3.20. Corn and soybean futures were supported by the friendly technical picture and the strong pace of exports and sales in the opening weeks of the 20/21 marketing year. Concerns about dry weather in South America and the La Nina impact continue to be supportive. Wheat futures are coming along for the ride as it has its own concerns for dryness in the Plains and in the Russia/Ukraine region. Traders are positioning for what they consider will be friendly USDA reports on Friday after the bullish grain stocks surprise.

Live cattle edged higher while feeder cattle futures were hit hard by rising CBOT futures. Fed cattle trade has not been established yet with offers about $3.00 above last week’s trade. Choice beef dropped .74 to 216.24 and Select fell 1.17 to 206.84. Formula cattle averaged 880 pounds and $167.77/cwt.

Lean hog futures closed higher with the nearby October and December LH posting the best gains. Cash hog prices were weaker today. FOB Plant Pork dropped 2.45 to 92.55; the morning quote was 94.95, down .05.  The decline was due to a nearly 20 pct drop in the value of hams to 67.34. This was offset in part by a 2 pct rise in ribs and a more than 4 pct rise in belly value.  As recently as October 1, ham value was 93.34.

Financial markets reversed course after President Trump announced an end to negotiations with Speaker Pelosi on a COVID relief package. Energy markets are impacted by the oncoming Cat 4 Hurricane Delta headed for the Louisiana area. This could bring Kentucky rainfall by the weekend.

US$ +.3% 93.74

Dow -376 27773

SP -48 3361

NAS -178 11155

Tran -83 11399

  VIX +1.52 29.48

 

WTI +63 4013

Brent +65 4194

Gas +2 121

NG -9 252

HO +4 117

Eth +2 138

Gold -31 1889

Slvr -112 2344

 

2-yr +.004 0.149%

5-yr -.009 0.315%

10yr -.018 0.744%

30yr -.026 1.542%

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