Corn May +3 803 (795-812); Jly +3 801; Dec +9 743 (734-46)

Bean May +2 1705 (1693-1726); Jly -3 1672; Nov +8 1503 (1489-1513)

  Meal May -8 445 (444-58); Dec -5 408

  Oil  May +255 8529; Dec +187 7447

Wheat May +21 1083 (1067-96); Jly +22 1095

  KC May +12 1158; MGE +9 1186

Oats -21 694

Rice +45 1675

 

LC Apr +90 14000; Aug +95 13827; Oct +52 14460

FC Apr -35 15620; Aug -135 17315; Oct -140 17845

LH May -260 10520; Aug -217 11252; Oct -167 9512

Milk May +3 2471; Jun -11 2471

CBOT futures closes widely mixed, even within the soy complex. Corn closed higher with new-crop futures out-performing old-crop due to the slow start to corn planting (7% vs 15% avg) and continued unfavorable weather forecasts (above-normal rain in 6-14 day period). Wheat closed up sharply on the drop in winter wheat conditions reported Monday after the close. Russia’s attacks in Ukraine remain intense, hindering crop planting and exports. The central and southern Plains are not getting rain. In the soy complex, meal and oil went strongly in opposite directions. The sharp soybean oil rally (new record high for the nearby contract) saved the soybean market; Indonesia’s new palm oil export policy continues to worry traders.

Live cattle closed higher while feeder futures finished in the red, pressured by higher corn prices. Live Cattle were supported by short-covering after Monday’s severe losses. An early start to cash trade also lifted LC futures. USDA reported light to moderate negotiated cash trade at steady to $1/cwt higher prices. Nebraska prices were $145-146/cwt live and $232/cwt dressed. Choice beef lost 2.43 to 264.17 and Select fell .29 to 256.23. Beef movement at 183 loads made up for Monday’s low 67 number. The difference may have been a reporting issue.

Lean hog futures closed sharply lower for a second day in a row. LH sold off on long liquidation and technical selling. The large futures premium to the cash market has been severely cut. FOB Plant Pork slipped .24 to 105.55. Pork movement of 340 loads was very strong.

US$ +.6% 102.36

Dow -809 33240

SP -121 4175

NAS -514 12491

Tran -484 14748

  VIX +6.38  33.40

 

WTI +334 10188

Brent +315 10547

Gas +11 333

NG +19 700

HO +16 382

Gold +11 1907

Slvr -11 2355

 

2-yr -.149 2.481%

5-yr -.123 2.739%

10yr -.099 2.728%

30yr -.060 2.835%

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