Corn May -9 686 (676-720); Jly -10 644; Dec -16 546 (537-63)

Bean May +8 1558 (1524-89); Jly -6 1514; Nov -14 1328 (1315-48)

  Meal May -4 421 (420-; Dec -5 402

  Oil May +250 limit 6895; Dec -39 5093

Wheat May -8 725; Jly -10 723 (711-41); Dec -13 720

  KC -15 689; MGE -15 724

Oats -5 399

Rice +3 1316

 

LC Apr +57 11895; Aug -82 11647; Oct -105 12105

FC Apr -32 13387; Aug -117 14890; Oct -142 15227

LH May +147 11127; Jly +262 10795; Oct +160 8845

Milk May -3 1917; Jun +18 1970

Nearly all CBOT futures closed lower with some large losses. Corn, beans and wheat traded sharply lower overnight, but then rallied into the 11 am hour to make the day’s highs in positive territory. However, a sharp sell-off ensued the rest of the session. Trading ranges were very wide, much like Tuesday. A limit-up close in May soybean oil lifted the May soybean contract into positive territory. The volatility indicates the spec funds are actively trading as prices swing high and low. While concerns remain for Brazil’s safrinha corn crop enduring drought conditions, some parts of the U.S. corn belt are getting rain this week. One wouldn’t expect a lasting sell-off in corn and soybeans this early in the planting season; the crop is very uncertain here in April.

Except for April LC, live and feeder cattle futures closed lower. Fed cattle prices weakened today despite rising boxed beef values. With plenty of fed cattle coming to market, the packers have the pricing power. Choice beef gained 1.51 to 292.50 and Select fell .53 to 279.00 on heavy movement. USDA reported light to moderate cash trade with steady to a few dollar/cwt lower compared to last week. Live prices ranged $118-120/cwt. Dressed prices traded around $191/cwt.

Lean hog futures closed higher to sharply higher (June, July LH). Hog futures were supported by this week’s strong cash hog prices. With hog packers reportedly at negative margins, further upside in cash price seems limited. FOB Plant Pork dropped 2.47 to 108.21, compared to down .81 in the morning. Belly value fell 8.89 to 154.83 and hams fell 1.10 to 96.19. As always, Thursday morning’s USDA export sales report will be eagerly awaited.

 

US$ -.3% 90.59

Dow -164 33821

SP -3 4183

NAS -39 14051

Tran -25 15287

  VIX -.22  17.34

 

WTI +76 6370

Brent +63 6705

Gas +4 207

NG +6 293

HO +3 194

Eth unch 233

Gold +3 1782

Slvr -18 2623

 

2-yr -.014 0.166%

5-yr -.018 0.860%

10yr -.007 1.615%

30yr +.001 2.294%

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