Corn May +1 347; Dec +1 377 (372-80)

Bean May +4 859; Nov +4 893 (888-97)

  Meal May +6 306

  Oil -28 2764

Wheat Jly +3 441 (434-43); Dec +3 466

  KC Jly unch 411; MGE +2 514

Oats +4 288

Rice unch 1041

 

LC Apr -272 12405; Jun -297 11537; Oct -275 11387

FC May -297 14355; Aug -347 15325; Oct -340 15490

LH May -132 8785; Jun -300 limit 8977; Oct -300 8960

Milk May +45 1629; Jun +32 1637

CBOT futures closed mostly higher after trading to new lows. The reversal-type action was more impressive in corn. However, there’s no fundamental reason that suggests today’s lows will hold very long. With the 6-10 day and the 8-14 day outlooks from NOAA forecasting above-normal rainfall in the Corn Belt, corn planting progress may fall behind normal; this might cause some short-covering by the funds.  

Cattle futures closed sharply lower on follow-through selling (funds liquidating) after prices fell below key technical support levels on Wednesday. The long-term uptrend off the May 2018 low was broken in June LC. Next support comes in at $114 and $112. June LC has now given up 50% of the long-term rally and closed below its 200-day moving average. Choice beef dropped .03 to 232.93 and Select fell .53 to 219.75.

Lean Hog futures also dropped sharply with the June-December LH contracts locking limit-down ($3.00/cwt). The aggressive selling was initiated by the sharp drop in the pork cutout yesterday afternoon and by this morning’s terrible pork export sales report. Total pork sales were down over 60% from the previous week, and China didn’t have any purchases. LH contracts beyond the nearby May LH actually gapped lower today and didn’t get the gap filled. This is a negative. The pork cutout had a wild ride today. The morning report was up a sharp 3.51 to 90.49, but this afternoon the FOB Plant Pork was quoted down 3.26 at 83.72. Belly value went from $168 in the morning to $131 this afternoon – that’s hard to believe.

US$ +.1%

Dow -135 26462

SP -1 2926

NAS +17 8119

Tran -253 10846

  VIX +.11 13.25

 

WTI -79 6510

Brent –27 7430

Gas unch 213

NG +4 250

HO unch 210

Eth +1 132

Gold unch 1279

Slvr -2 1490

 

2-yr +.014 2.334%

5-yr +.016 2.332%

10yr +.014 2.536%

30yr +.007 2.948%

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