As the outside markets showed resiliency today and the US dollar weakened, agricultural futures rallied on ideas demand is still strong for old-crop corn and soybeans. Traders were speculating that China may still have to buy beans from the U.S. because Brazil’s slow shipment pace (even as harvest exceeds 80% complete). The red flag is bird flu in China which has reduced chicken demand, so less feed is needed. Slow planting and continued cold, wet weather in the Corn Belt adds a little support to the market. Extreme cold later this week may damage some wheat acres in the southern Plains, while snow-covered ground in the north portends delayed spring wheat seedings.

Cattle futures managed small gains on the close in sympathy with the general commodity price rebound. Cash cattle and beef markets don’t show signs of significantly improving. In boxed beef, Choice UP 0.56 at 190.45 and Select UP 0.02 at 183.93.

Lean Hog futures posted modest gains today on a mixed cash hog market. Futures are at a premium to cash, so upside would seem to be limited until pork values rise.

Corn May +16.5 663; Jly +13 641; Dec +8.5 541 Bean May +16.5 1411.5; Jly +19 1375; Nov +12 1218.5 Meal May +8 401; Oct +2 339   Oil +80 4898 Wheat May +10 703.5; Jly +8.5 708 KC Jly +9 748; MGE +13 802 Oats +5 366 Rice +16 1560

LC Apr +32 12537; Aug +57 12097; Dec +42 12587 FC Apr +35 13695; May +25 14005; Aug +10 14647 LH May +52 8680; Jly +57 8930; Oct +27 7992 Milk Apr +3 1764; May +14 1900

US$ -.6% Dow +158 14757 SP +22 1575 NAS +48 3265 Tran +131 6041   VIX -19.2% 13.96

WTI +12 8883 Brent -560 10003 Gas +3 279 NG +6 420 HO -2 281 Eth +3 240

Gold +8 1369 Slvr +2 2338

2-yr +.01 0.23% 5-yr +.02 0.70% 10yr +.04 1.73% 30yr +.05 2.91% 

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