CBOT futures closed mixed with soybean oil leading the way down – even though crude oil rallied. Soybean futures were also pressured by this week’s rains, a firm US Dollar, and demand concerns related to a weaker Chinese stock market (down 6%). The large long position by the spec funds continues to be an overhang for corn and soybean futures. The extended NWS outlooks still suggest August will finish out drier than normal after this week’s rains. The Corn Belt may also be colder than normal next week.

Soybean futures are now testing last week’s lows created by the bearish USDA report. Soymeal also is near those key lows, but soybean oil closed below key chart support. In contrast, corn futures are about 20 cents above key chart support.

Cattle futures closed mixed with the most weakness in the nearby August Live Cattle contract. Other contracts had smaller trading ranges. Futures are generally moving sideways looking for more direction from the cash markets. Choice beef closed down .44 at 245.08 and Select dropped .14 to 236.25.

Lean Hog futures closed little changed after trading a dollar/cwt lower. FOB Plant Pork gained .55 to 90.12/cwt on stronger values for ham, rib and belly primals. This gain was nearly a dollar/cwt lower than the midday quote.

Corn Sep +3 366; Dec +3 377; Dec16 +1 399 Bean Sep -14913; Nov -13 904; Nov16 -11 890 Meal -1 325 Oil -74 2832 Wheat Sep -6 494; Jly -6 510 KC -6 476; MGE -5 508 Oats +2 225 Rice -15 1184

LC Aug -70 14720; Oct -30 14740; Feb +20 14905 FC Aug +15 21455; Oct +17 20707; Jan +12 19860 LH Oct -15 6612; Dec -5 6225; Feb unch 6720 Milk Sep +21 1668; Oct +16 1670

 

US$ +.2% Dow -34 17511 SP -6 2097 NAS -32 5059 Tran -18 8361 VIX +.79 13.81 +6%

WTI +48 4289 Brent -19 4855 Gas -2 164 NG -1 272 HO unch 155 Eth +3 150 Gold -1 1117 Slvr -45 1484

2-yr +.008 0.718% 5-yr +.030 1.584% 10yr +.046 2.198% 30yr +.060 2.861%