CBOT futures closed higher today on heavy fund buying. Today’s commodity and financial markets were driven in part by a weaker US Dollar caused by much lower-than-expected 1st Quarter GDP (.2% vs 1% expected). The weaker dollar is supportive to commodity prices. The US Dollar Index is down 5% from its peaks in early March and early April. The weak GDP may also delay an expected increase in the Fed Funds rate by the Federal Reserve. Markets were supported by continued strong soybean demand and the technical reversal yesterday in wheat futures that encouraged more short-covering from funds that have a huge short position. After 7 days of lower closes in corn futures, corn had a strong finish to close higher. The rapid planting pace for corn this week limits the rally.

Live Cattle closed slightly lower and feeders posted modest gains. While the weaker dollar was supportive, there’s little indication that the cash fed cattle market will be stronger. Boxed beef closed mixed -- Choice carcasses up 0.83 at 258.55; Select down 1.92 at 246.06. These are 70-90 cents weaker than the midday quote.

Hog futures closed higher with the nearby May LH contract up 2 percent.  FOB Plant Pork closed up .32 at 71.34 – much lower than the morning quote at 72.32. Declining hog weights and a friendly seasonal factor encouraged buying. Cash hog carcass prices were reported up over $2.50/cwt this morning.

Corn May +3 364; Jly +3 368; Dec +3 385 (381-86) Bean may +11 988; Jly +11 988; Nov +9 962 (949-63) Meal May +5 324; Oct +3 315 Oil +24 3147 Wheat Jly +7 483; Dec +8 511 KC +6 509; MGE +7 549 Oats -2 233 Rice +19 1016

LC Apr -20 16080; Jun -22 15090; Oct +12 15060 FC Apr +55 21652; May +70 21305; Aug +82 21470 LH May +157 7532; Jun +130 8120; Oct +72 7250 Milk May -5 1629; Jun -4 1636

 

US$ -1% Dow -75 18036 SP -8 2017 NAS -32 5024 Tran -109 8701 VIX +.98 13.39 +7.9%

WTI +161 5867 Brent +102 6566 Gas +1 200 NG +5 259 HO +3 195 Eth +1 162 Gold -10 1204 Slvr -7 1652

2-yr +.004 0.563% 5-yr +.040 1.425% 10yr +.073 2.046% 30yr +.089 2.759%