Tonight’s 6-10, 8-14 day NWS outlook shows above normal temperatures east of the Rockies. Above normal rainfall is expected from the central Corn Belt down through central Texas.  Visit NWS site.

CBOT futures moved sharply in opposite directions as the soybean bulls, including spec funds, charge ahead in old-crop contracts on ideas the U.S. supply of cash beans are tighter than USDA forecast last week.  This is occurring even though South American soybeans are plentiful and China is cancelling some Brazilian purchases.  Will the market solve the U.S. supply problem with increased imports?

Wheat futures climbed higher overnight but peaked when electronic trading opened at 830 am and then slid lower the rest of the day, closing near the lows. This can be tied to the wetter forecast for the southern Plains.

Corn futures closed lower as the warmer forecast should accelerate planting.  Prices are now near lows that form chart support.  We’ll have to see if futures bounce higher or break down and encourage additional selling. A break below 4.95 could point prices toward the 4.70-4.75 area.

Cattle futures closed higher as cash markets give mixed signals. There was light cash volume at prices about 1.00-1.50/cwt lower than last week’s price.  Boxed beef values strengthened with Choice carcasses up 0.89 at 223.75; Select carcasses up 1.33 at 214.47/cwt.  This is helping packers reduce negative margins.

Lean Hog futures closed the pit session much higher on the morning’s strong pork cutout values.  However, late day trading has prices dropping due to the PM quote showing pork values down. Pork cutout values reversed the morning gains due to a big drop in Belly price.  FOB Plant Pork is down 0.57 to 121.16/cwt.

Corn May -6 497; Jly -6 503; Dec -4 499 (497-504) Bean May +17 1519; Jly +21 1509; Nov +8 1237 (1227-39) Meal May +4 491;  Oct unch 386 Oil +88 4371 Wheat May -14 688; Jly -14 695 (691-718) KC -11 761; MGe -12 735 Oats +6 405 Rice -2 1538

LC Apr +47 14575; Jun +20 13562; Oct +40 13785 FC Apr +2 17925; May +12 17990; Aug +40 18297 LH May +137 12287; Jun +125 12377; Oct +20 9910 Milk May +21 2202; Jun +10 2038

US$ steady

Dow +162 16425 SP +19 1862 NAS +52 4086 Tran +125 7592 VIX -1.43 14.18

WTI +1 10376 Brent -33 10874 Gas unch 304 NG -4 453 HO +2 301 Eth -9 217

Gold +3 1303 Silver +14 1963

2-yr unch 0.37% 5-yr +.03 1.65% 10yr +.01 2.635% 30yr -.01 3.45%

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