Corn and wheat futures closed sharply higher on fund short-covering. Support came from concern that wet soils will delay corn planting and maybe some spring wheat seeding. Another downtick in the US Dollar also helped. Corn futures rallied above the key 200-day moving averages. Wheat futures opened steady, tried to weaken but rallied sharply throughout the day in tandem with corn.  Soybeans were pressured by traders selling beans against their corn/wheat purchases. Plus, if corn planting delays get extended, more acres could go into beans. The 6-14 day NWS outlook maps show below normal temperatures and mostly above normal rainfall.

Cattle futures closed higher which mostly erased Monday’s losses. Support came from Monday’s friendly Cold Storage report, futures’ discount to cash price and firmer boxed beef values. Choice closed up .34 at 219.01 and Select up 1.98 to 206.27. The hog futures rally could have helped as well.

For the second day, Lean Hog futures rallied strongly on further short-covering. LH futures have now bounced $3-4 off the contract lows. Despite a weaker pork cutout, LH was supported by firmer cash hog prices and this week’s lower US Dollar that stimulates exports, which are critical to the pork market. FOB Plant Pork dropped .67 to 73.82 as bellies lost over 4 percent.
 

Corn May +6 365; Jly +6 372; Dec +5 389 (380-92)

Bean May -7 954; Jly -7 965; Nov -6 962 (961-66)

  Meal -3 313

  Oil -11 3158

Wheat May +6 409; Jly +8 427 (416-29)

   July KC +10 425; MGE +13 544

Oats +4 222

Rice -31 929

 

LC Apr +82 12982; Aug +107 11205; Oct +105 11107

FC Apr +47 13872; Aug +65 14135; Oct +72 14120

LH May +82 6522; Jly +245 7285; Oct +157 6497

Milk Apr unch 1520; May -28 1533

 

US$ -.3%

Dow +232 20996

SP +14 2389

NAS +42 6025

Tran -34 9249

  VIX -.02 10.82

 

WTI +10 4933

Brent +25 5185

Gas -2 160

NG -1 305

HO unch 154

Eth -1 161

Gold -12 1263

Slvr -29 1756

2-yr +.042 1.275%

5-yr +.050 1.852%

10yr +.059 2.332%

30yr +.061 2.987%

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