Most CBOT futures closed sharply higher as futures continued to recover from the heavy losses seen early Wednesday.  The rally followed the pattern in the US equity markets, as buyers rushed back into the market as their worries over a trade war with China eased.  White House officials said that the tariffs aren’t imposed immediately and there’s time for negotiations. However, the political environment is very volatile and price risk is high. US weather is not favorable for US crops as the cold, wet weather is delaying field work for corn and soybeans, while the drought in the southern Plains has hurt the potential yield/size of the wheat crop. KC Wheat futures closed over 40 cents above the March lows.

Cattle futures closed higher for the second straight day as buying followed through on yesterday’s bullish key reversals.  Cattle futures benefitted from the easing worries on a trade war with China (although China imports small quantities of beef). April Live Cattle dropped $18.00 from mid-February to yesterday, and now have bounced back $4.00; the June contract lost $22.00 and bounced $8.00. Feeder cattle futures bounced similar amounts off the lows. In boxed beef, Choice ended down 3.08 at 215.09; Select gained 0.13 at 206.31.

Lean Hog futures saw a very mixed close, with April down 65 cents and May up $2.95. This move puts the May LH contract at a $13.00/cwt premium to the nearby April. FOB Plant Pork closed down 1.18 at 68.91.

Corn May +8 389; Dec +8 413 (405-13)

Bean May +16 1031; Nov +15 1034 (1016-35)

  Meal +2 384

  Oil +10 3178

Wheat May +9 465; Jly +8 481 (474-82)

   KC +12 498; MGE +13 590

Oats +3 233

Rice -3 1239

 

LC Apr +127 11430; Aug +227 10487; Oct +182 10862

FC Apr +297 13747; Aug +245 14267; Oct +227 14445

LH Apr -62 5245; May +297 6585; Oct +5 6477

Milk Apr -6 1440; May -5 1459

 

US$ +.3%

Dow +241 24505

SP +18 2663

NAS +34 7077

Tran +66 10454

  VIX -1.12 18.94

 

WTI +17 6354

Brent +49 6851

Gas unch 198

NG -4 267

HO unch 198

Eth +2 142

Gold -12 1328

Slvr +10 1635

 

2-yr +.017 2.307%

5-yr +.032 2.640%

10yr +.044 2.834%

30yr +.045 3.074%

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