* A general malaise continues to hang over the major commodity indices, which includes the grain and oilseed markets. Traders worry about the global economy and its ability to absorb supplies of raw commodities. Yet, the major commodity indices have held chart support and are still poised to move higher at this point, with crude oil starting to find legs this morning as well.
* Export sales for the week ending October 8 totaled 25.9 million bushels of corn (soft), 0.3 million bushels of grain sorghum (poor), 54.3 million bushels of soybeans (strong) and 16.9 million bushels of wheat (adequate). Sales to China included 42.0 million bushels of soybeans, although 20.5 million of that was a shift from previous sales to “unknown destinations.”
* USDA’s daily export reporting service today confirmed another sale of 9.9 million bushels of U.S. current-year soybeans to “unknown destinations.” The sale will be presumed to be China, but we may not know until they are actually shipped.
* Corn futures are a penny lower after posting a new low for the move in the lead December contract of $3.725 earlier today.
* Soybean futures are 3 cents lower in ongoing weakness, but this market continues to look to have good underlying support on solid demand. Rain chances look to improve for dry areas of Mato Gross by the end of the month.
* Wheat futures are down 11 cents in Chicago, down 12 cents in KC and down 10 cents in MN. Wheat struggles when the other markets are lower. Rain chances are better for the Plains next week.
* Live cattle futures are $0.90 to $1.25 higher in the nearby contracts on ideas that cash will trade today a bit higher than last week, but bids and asks remain far apart. The product market is softer this morning on slow movement.
* Feeder cattle are $0.80 to $1.05 higher on strength in the fat cattle and weakness in corn.
* Lean hog futures are breaking $0.65 to $1.20 lower, breaking trend line support that held the market since August. Cash hogs are mostly $1 lower today on ample supplies, even with a projected Saturday kill above 180K head. Product prices are up $1.42 to $89.24, but at slow movement of just 151 loads at midday.
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