Corn May unch 816 (811-23); Jly +1 813; Dec +2 752 (746-55)

Bean May -20 1706 (1704-34); Jly -8 1685; Nov -4 1521 (1516-31)

  Meal May -11 440 (438-52); Dec -7 405

  Oil  May +280 9060 (8680-9069); Dec +101 7709

Wheat May -6 1074 (1070-94); Jly -5 1086 (1081-1106)

  KC JULY -13 1141; MGE -3 1191

Oats Jly +5 672

Rice +12 1715

 

LC Apr unch 13850; Aug -67 13635; Oct -35 14305

FC Apr -27 15592; Aug +162 17057; Oct +92 17595

LH May -20 10397; Aug +135 11372; Oct +132 9715

Milk May +22 2453; Jun +27 2454

CBOT futures closed widely mixed today with old-crop corn and soybeans losing ground to new-crop contracts. Soybean futures fell sharply in the May contract due to the soybean meal contract and despite a 3% rally in May soybean oil. May soybeans were also pressured by tomorrow being the “first notice day” to start physical deliveries against futures contracts.  Soybean oil shot to a new contract high (and all-time high) after Indonesia changed its mind and will ban ALL palm oil exports. Corn continues to find support from strong Chinese purchases, slow U.S. planting progress and drought stress on Brazil’s safrinha corn crop. May, July and December Corn eked out new contract highs and contract high closes. Wheat was pressured by the ongoing rally in the US Dollar value. In the past 5 trading days, the US Dollar Index has risen 3 percentage points.  

Live cattle closed slightly lower and feeder futures were higher beyond the nearby April FC contract which expired today. Weekly beef export sales reported this morning were bearish – down 24% week/week and down 34% from the previous 4-week average. Choice beef gained .69 to 262.60 and Select fell 1.26 to 251.06. Beef movement was strong at 168 loads. USDA said there was not enough negotiated trade to establish a trend.

Lean hog futures closed higher beyond the nearby May LH. The higher closes came after the market tested the downside challenging or moving below past lows. This short-covering rally could establish a near-term low. Weekly pork export sales were strong at 31,500 MT. Mexico, Japan and Canada were the top buyers; China was absent. FOB Plant Pork dropped 1.02 to 104.49. Pork movement was a weak 248 loads.

US$ +.65% 103.66

Dow +614 33916

SP +104 4287

NAS +383 12872

Tran +391 15324

  VIX -1.61  29.99

 

WTI +334 10536

Brent +210 10742

Gas +6 348

NG -45 689

HO +7 401

Gold +3 1891

Slvr -33 2313

 

2-yr +.052 2.629%

5-yr +.036 2.848%

10yr +.014 2.832%

30yr -.007 2.902%

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