Corn May +12 776 (765-79); Jly +14 772; Dec +13 731 (717-33)

Bean May +15 1670 (1657-83); Jly +20 1660; Nov +21 1507 (1488-1511)

  Meal May +2 461 (459-68); Dec +5 426

  Oil  May +113 7543; Dec +83 6902

Wheat May +22 1104 (1075-1117); Jly +23 1112 (1082-1125)

  KC May +21 1162; MGE +10 1152

Oats May +4 807

Rice May +8 1571

 

LC Apr +142 13995; Aug +102 13765; Oct +75 14465

FC Apr +110 15775; Aug +45 17375; Oct +20 17992

LH Apr +120 9962; Jun +345 11847; Aug +287 11827

Milk Apr -11 2410; May -12 2481; Jun +3 2485

 

CBOT futures closed strongly higher with the day’s lows made Monday evening when the market opened. December YC made a new contract high today and has rallied 80 cents in the past 10 trading days. Corn was supported by the Ukraine war, delayed U.S. planting (cool, wet forecast), recent Chinese corn purchases, an extension of 15% ethanol in gasoline for the summer, a huge rally in crude oil prices, and production risk for Brazil’s safrinha corn. Soybean futures closed higher but only mid-range due to the weakness in soybean meal. Soybeans have general support from ideas that China will have to buy much more from the U.S. Wheat futures have rallied strongly for three straight days on continued dryness in the Plains and the supply problems in the Black Sea area. Russia plans to increase its attacks in eastern Ukraine.

The new crop futures corn/bean ratio is 2.06.  Will corn win back some acres after the USDA Planting Intentions Report surprise?

Cattle closed moderately higher on strengthening cash prices and boxed beef values. Negotiated cash trading has started early this week with Kansas reported “active” at $139/cwt, up $1/cwt from last week. In Nebraska and the W Corn Belt, a few traded at $142/cwt. Choice beef gained 1.36 to 273.47 and Select rose .42 to 260.71. Beef movement was strong with 115 loads.

Lean hog futures closed higher to sharply higher after 4 days of sideways action. LH were supported by higher commodity prices across the board, attracting speculative buyers. FOB Plant Pork ended up .16 at 106.80, a little better than the morning quote of 105.88. Ham value rose 8 while belly value fell 8. Pork movement was strong at 305 loads.

US$ +.3% 100.32

Dow -88 34220

SP -15 4397

NAS -40 13372

Tran +31 14558

  VIX -.11 24.26

 

WTI +631 10060

Brent +616 10464

Gas +15 315

NG +4 668

HO +20 346

Gold +28 1976

Slvr +75 2573

 

2-yr -.103 2.405%

5-yr -.090 2.696%

10yr -.055 2.727%

30yr -.015 2.806%

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