CBOT futures closed mostly higher as old-crop soybean futures shook off morning weakness.  The November contract gained on expectations for strong exports. Soybean Meal was stronger as soybean oil lagged. Wheat gained on tightening world supplies and strong export demand from countries such as China (its wheat futures hit new highs).  News for corn was light, so corn futures were lifted by the wheat rally on short-covering.

Cattle futures closed mixed but the October Live Cattle contract managed a sixth straight day of gains.  Boxed beef finished the day near steady. Traders generally expect steady to higher fed cattle cash prices this week.

Lean Hog futures were higher with the October contract up sharply, but it remains at a big discount to cash values.  The Pork Cutout value was up over a dollar/cwt. The quarterly Hogs and Pigs Report comes out Friday afternoon.

US equity markets dropped for the 5^th straight day.  The risk-off trade also supported Treasuries which lowered rates. Congress continues its debate over the budget and debt limit. Corn Dec +6 455 (448-457); Jly +6 482; Dec14 +5 491 Bean Nov +9 1322 (1306-1328); Jly +3 1275; Nov14 -2 1179 Meal Oct +5 419; Jly +2 393 Oil -2 4182

Wheat Dec +12 670; Jly +10 677 (667-680) KC +13 718; MGE +13 718

Oats +3 314

Rice unch 1548

LC Oct +22 12755; Feb +7 13297; Apr -5 13395 FC Sep +72 15867; Oct -85 16292; Jan -57 16305 LH Oct +120 9370; Dec +52 8860; Feb Unch 8970 Milk Oct -9 1795; Nov -12 1763

US$ -.3%

Dow -61 15273 SP -5 1693 NAS -7 3761 Tran -44 6611 VIX -.07 14.01

WTI -83 10230 Brent -68 10796 Gas +1 267 NG +1 350 HO +1 297 Eth +7 190

Gold +17 1333 Slvr +20 2178

2-yr -.01 0.35% 5-yr -.04 1.39% 10yr -.04 2.62% 30yr -.02 3.66%

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