CBOT Grain Futures Calls:

-December corn called steady to 2 lower.

-November soybeans called 2 to 4 lower.

-December CBOT wheat called mixed lower.

US dollar is down 19 at 77.02. November crude is down $.74 at $69.21. Dow futures are up 41 points.

Economic Information:

-Institute for Supply Management’s service index will be updated this morning. The trade expects a reading of 50 for September compared with 48.4 in August.

-Analysts suggest tensions over Iran and Nigeria were what kept crude oil prices from falling out of bed last week.

-Iran has agreed to let international inspectors visit their new uranium enrichment site.

-Some rebel groups in Nigeria have laid down their arms.

-One Bank of America analyst suggested oil may rise over $100 per barrel next year unless demand is curbed or supply suddenly increases.

-A European Central Bank policy analyst has suggested China and other important nations should loosen their peg to the US dollar.

Go to our homepage, www.allendale-inc.com, to view our latest market update videos, recorded twice a day (before and after the grain market session).

Weather:

-Frost may return this weekend. For now, mild temps and delays with harvest will be the focus.

Grain Market Influences:

Corn summary… Four times. That is how often corn has tested areas at or near 347 3/4. Today corn was called lower after failing to break that resistance and for once things went according to plan. Early weakness is where the market held until the beans began to fall off.

The Government Accountability Office indicated the 45 cent per gallon blender’s credit for ethanol may no longer be needed.

Israel seeks 20,000 tonnes of EU corn.

Soybean summary… This was a high volume sell off which gives it more confidence than the recent low volume choppy trades we had seen recently. There does stand a chance for a bounce as beans approach the next and most important support level of 881 1/4.

November soybeans are poised to take out their 881 1/4 low from July.

Wheat summary… It is another day gone by with nothing bullish to look at. We were watching wheat trade lower while corn was staying supported wondering what would happen if corn were to finally see a setback. Today we did find a small setback and rightfully so saw a good sell off in wheat.

The president of the Russian Grain Union has indicated grain export capacity will rise from 25 to 30 million metric tonnes by July 2010.

Bangladesh seeks 60,000 tonnes of wheat. Jordan seeks 100,000 tonnes of wheat.

Israel seeks 20,000 tonnes of EU feed wheat.

Contact Allendale to schedule a speaker for your Fall/Winter meetings!

Livestock Comments:

-Wholesale beef closes down $1.59 for choice and down $1.04 for select.

-Pork carcass cutout closes down $.53.

-Cash hogs are called steady to 50 lower.

Livestock Futures:

December Lean Hogs are called 20 to 30 higher.

----Chart support 48.15 and resistance 50.50

December Live Cattle futures called 20 to 40 lower.

----Chart support 83.75 and resistance 85.60.

October Feeder Cattle futures are called steady to 10 lower.

----Chart support 92.10 and resistance 96.75.

Livestock Market Influences:

Lean hogs summary… For the week, wholesale pork prices lost 95 cents. That is bearish but certainly does not show the wild swings that were seen this week. Bearish news is the well known supply problem we have here.

Live cattle summary… This morning’s monthly jobs report was worse than expected. Instead of losing 180,000 jobs during the month of September, as was expected, the Department o Labor estimated 263,000 were lost. The bad news here is people who don’t have jobs, or people who don’t feel secure in theirs, will not buy a premium protein like beef.