CBOT futures closed steady to lower as fundamentals and money flow weighed on the market. After two days of much higher corn prices, corn closed moderately lower and near the day’s lows. Today’s closes are below last Friday’s closing prices. The funds were reportedly big sellers. Soybeans traded narrow ranges with closes at/near the lows. Private estimates for South American soybean crops are getting bigger.

After yesterday’s brief respite, cattle futures took another leg down to new lows. This happened despite midday strength in boxed beef. Choice closed down 1.74 at 211.69; Select down 0.96 at 200.39.  In contrast, the midday quotes were 214.73 and 202.96. Traders expect cash prices will come down to meet futures.

Lean Hog futures opened near steady but closed lower at new lows. Futures were pressured by sharp losses in cattle futures and weaker hog markets. FOB Plant Pork dropped .39 to 75.50 with a 5% loss in belly value; all other cuts were higher in value. At midday, FOB Plant was up 1.41.

Corn May -5 363; Jly -4 371; Dec -4 388 (387-93)

Bean May unch 938; Jly -1 948; Nov -1 949 (948-54)

  Meal unch 308

  Oil +1 3143

Wheat May -1 427; Jly unch 440 (438-44)

   July  KC +2 434; MGE -3 535

Oats -3 223

Rice unch 1007

 

LC Apr -120 11822; Aug -127 10552; Oct -112 10550

FC Apr -205 13102; Aug -122 13212; Oct -67 13142

LH Apr -112 6367; Jun -67 7197; Oct -20 6372

Milk Apr -18 1538; May -31 1555
 

US$ +.1%

Dow +39 20689

SP +1 2360

NAS +4 5899

Tran +14 9101

  VIX -.52 11.86

 

WTI +79 5103

Brent +114 5426

Gas +3 172

NG +16 329

HO +3 159

Eth +1 165

Gold +4 1255

Slvr +11 1832

 

2-yr +.016 1.258%

5-yr +.013 1.890%

10yr +.012 2.362%

30yr +.016 3.000%

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