Corn and soybean futures were little changed at the closing bell ahead of tomorrow’s Crop Report. Nearly everyone expects USDA crop forecasts to be markedly higher than the August estimates. Wheat futures at all 3 exchanges traded at new contract lows. The Russia/Ukraine situation has reportedly calmed considerably and eases concerns about getting grains shipped out of that area.

Private estimates for tomorrow’s Crop Report at Noon Eastern are: Corn – 170.7 bu/acre compared to 167.4 last month. Prod = 14.29 billion compared to 14.03 last month.

Soybean - 46.3 bu/acre compared 45.4 in August Prod = 3.88 billion compared to 3.82 last month.

2014-15 ENDING STOCKS Corn = 2.01 billion vs 1.81 last month Soybean= 453 million bushels vs 430 last month Wheat = 667 million vs 663 million in August

Cattle futures had a really wild ride today with new contract highs set overnight followed by a $2+ selloff in the 9-10 a.m. hour when pit trading began. Fortunately futures recovered a large chunk of those losses. Some contracts even posted new closing highs. Boxed beef values finished mixed with Choice up 0.38 at 251.46; Select down 0.50 at 238.18/cwt.

Lean Hog futures closed mixed with strength showing only in the nearby October LH contract which is supported by tight supplies and firming pork values. FOB Plant Pork cutout up 0.87 to 106.15/cwt on firm values for various cuts except for the picnic. Deferred LH futures are weighed down by ideas that the hog herd is expanding.

Corn Dec +1 346; May +1 367; Dec’15 +1 390 Bean Nov +1 994; May +1 1012; Nov’15 -1 1005 Meal Oct -3 349; May unch 332 Oil +7 3163 Wheat Dec -8 520; Jly -7 558 KC -7 615; MGE -6 599 Oats +8 357 Rice -2 1233

LC Oct +2 15970; Feb +55 16140; Apr +60 15885 FC Sep +22 22885; Oct -62 22712; Mar -27 21850 LH Oct +132 10710; Feb -30 9350; Apr unch 9205 Milk Sep -7 2445; Oct -67 2290

US$ +.1%

Dow +55 17069 SP +7 1996 NAS +34 4587 Tran +7 8521 VIX -.62 12.88

WTI -104 9171 Brent -113 9803 Gas -2 253 NG -3 395 HO -3 276 Eth -5 188 Gold +1 1250 Slvr +5 1897

2-yr +.012 0.572% 5-yr +.028 1.788% 10yr +.040 2.540% 30yr +.038 3.270%

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