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U.S. Economy The U.S. Treasury sold $30 billion of 3-month T-bills at a median rate of .05% and $30 billion of 6-month T-bills at a median rate of .14%. The December 2010 eurodollars closed up .10 at 98.375.

Grains and Cotton

More rain is falling today in Texas and around the Mississippi River Delta and the Palmer Drought map already shows excessively moist conditions in Arkansas and Mississippi. December cotton closed up 1.20 cents at 65.88, the highest close in a year.
The USDA said that last week's export inspections of:Corn totaled 20.5 million bushels, down 35% from a year ago.Soybeans totaled 14.7 million bushels, down 17% from a year ago.Wheat totaled 17.8 million bushels, down 27% from a year ago.
The northern states of the Midwest were all below freezing this morning. The USDA's Crop Progress report will be released later this afternoon. December corn was lower for most of the day, but ended up a half-cent at $3.817.
After the close, the USDA said that:13% of the corn crop was harvested, down from the five-year average of 35%.23% of the soybean crop was harvested, down from the five-year average of 57%.12% of the cotton crop was harvested, down from the five-year average of 29%.64% of the winter wheat crop was planted, roughly on schedule.

Livestock

December cattle fell .62 to 84.67 after last night's Larry King show on meat safety in the U.S.
After yesterday's close, the U.S. Meat Export Federation said that beef exports were down 26% in August from a year ago and down 4% in the first eight months of 2009 from a year ago. Pork exports were down 17% in August and down 17% in the first eight months of 2009 from a year ago. December hogs ended down .15 at 53.67.

Cocoa

The European Cocoa Association is expected to release a corrected third-quarter grindings report on Wednesday and North American grindings are expected to come out late Thursday. December cocoa ended up $28 at $3,096.
Sugar March sugar closed up 1.16 cents to 22.79, bouncing back from last week's sell-off while world supplies remain tight.
Energies OPEC's Oil Market Report for October increased their estimates of world oil demand from 84.05 to 84.24 million barrels per day (mbd) in 2009 and from 84.56 to 84.93 mbd in 2010. They also kept the 2009 estimate of world GDP growth at -1.2%, but increased the 2010 estimate from +2.5% to +2.7%. December crude oil closed up .97 at 74.71, the highest close in seven weeks.

Metals

According to Bloomberg news, the CEO of Rio Tinto expects world production of copper to match consumption in 2010 and fall a little short in 2011. December copper closed down 6.25 cents at $2.7945.

Currencies

The U.K.'s Office for National Statistics said that consumer prices were up 1.1% in September from a year ago, down from a 1.6% annual gain in August and the lowest increase in five years. The December British pound finished up a penny at $1.5888.

Source: dailyfutures.com

Grain and Cotton Crop is Coming

U.S. Economy The Institute of Supply Management's index of services increased from 48.4 to 50.9 in September, stronger than expected and the first sign of expansion in over a year. The December 2010 eurodollars were up .005 at 98.375.

Grains and Cotton

Here comes a taste of winter - Yesterday's 6 to 10 day forecast from the National Weather Service is expecting below average temperatures and normal precipitation in the northern states of the Midwest. December corn closed up 8 cents at $3.415.
The USDA said that last week's export inspections of:Corn totaled 38.4 million bushels, up 4% from a year ago.Soybeans totaled 12.5 million bushels, down 13% from a year ago.Wheat totaled 18.0 million bushels, down 44% from a year ago.
After the close, the USDA said that:70% of the corn crop was rated good to excellent and 10% of it was harvested.67% of the soybean crop was rated good to excellent and 15% of it was harvested.47% of the cotton crop was rated good to excellent and 10% of it was harvested.53% of the winter wheat crop was planted, on schedule.

Cocoa

December cocoa surged $239 to a new contract high of $3,240, blamed on fund buying and ongoing concerns about the upcoming 2009-2010 crop.
Orange juice After the close, the USDA's Florida Weather Crop Report said that citrus trees were "generally in good condition in well-cared-for groves." They also said that fourteen packinghouses were already opened and shipping fruit. January orange juice closed up 1.15 cents at 97.35.
Metals December gold continues to take advantage of the weak dollar and closed up $13.50 at $1,017.80, the highest close in two weeks.

Currencies

Japan's Finance Minister Fujii said that his country still needs fiscal and monetary support and that his government was willing to take action against the yen, if the price moves got too extreme. The December yen ended up .0014 at 1.1177.
Eurostat said that its index of retail sales in the EU-27 was down .3% in August and down 1.8% from a year ago. Also, a composite index of manufacturing and services increased from 50.4 to 51.1 in September, better than expected. The December euro closed up .0073 at $1.4660.
An index of services in the U.K. increased from 54.1 to 55.3 in September, the best in two years.

MARKET PRICE MOVING ON NEW WEEK

Grains and Cotton

Here comes the harvest - November soybeans fell 33 cents to $8.85, the lowest close in six months.
Statistics Canada said that the 2009 wheat crop is estimated at 24.58 million tons, up from its estimate of 23.61 million tons in July. December wheat finished down 11.5 cents at a new contract low of $4.412.
December corn closed down 7 cents at $3.335 with the ten-day forecast for most of the Midwest expecting cooler, but not freezing temperatures along with a few chances for rain.

Livestock

Today's weak jobs report is not good news for the future of beef demand. October cattle closed down 1.15 at 82.95.
After the close, the USDA estimated this week's beef production at 504.4 million pounds, up .8% from a year ago. Pork production was estimated at 469.4 million pounds, up .8% from a year ago. October hogs were down .17 at 49.25.
Cocoa Are concerns about the upcoming West African cocoa crop overdone? December cocoa fell $91 to $3,001, the lowest close in three weeks.

Coffee

According to Dow Jones Newswires, recent rains in Brazil have been beneficial for the flowering stage of next year's coffee crop. December coffee closed up 3 cents at $1.2970.
Metals December gold started the day lower, but closed up $3.60 at $1,004.30 after today's weak jobs report makes it more likely that the federal funds rate will remain low for a long time.

Currencies

Japan's Statistics Bureau said that the unemployment rate improved from 5.7% to 5.5% in August, much better than expected. The December Japanese yen closed up .0017 at 1.1163.
The Nationwide Building Society said that house prices in the U.K. were up .9% in September, the fifth consecutive gain.
Eurostat said that producer prices in the EU-27 were up .2% in August, but down 7.1% from a year ago.


Souce: dailyfutures