Corn Sep +9 341 (335-41); Dec +9 354 (348-55)

Bean Sep +14 914 (905-15); Nov +14 920 (911-21)

  Meal Sep +2 292 (290-94)

  Oil +32 3198

Wheat Sep +6 527 (521-34); Dec +8 535; Jly +6 553

 KC +9 444; MGE +11 516

Oats -1 272

Rice -24 1202

 

LC Aug -7 10550; Oct +85 10877; Feb +75 11422

FC Aug +25 14225; Oct +25 14307; Jan +5 14222

LH Oct +135 5595; Dec +107 5667; Feb +90 6277

Milk Sep +75 limit 1655; Oct +75 1766

 

CBOT futures closed mostly higher with big gains in corn, wheat and soybeans. The bigger than expected decline in the good/excellent rating for soybeans and more so for corn led to a sharp gap higher when markets opened Monday evening. Then futures took another leg up after 8:30 a.m. when USDA reported sizable export sales of corn and soybeans, mostly to China. The U.S. and China conferred Monday evening and China indicated its commitment to the Phase 1 trade agreement. Additional support came from heavy fund buying as the spec funds are huge shorts in corn futures and about even in beans. Technically, corn blew through the chart resistance mentioned last night. Soybean prices are right around last week’s highs and approaching chart resistance at the February/March highs. Soybeans have retraced over 65% of the $1.50 price collapse in January-April 2020. Futures are only 60 cents from getting back to those highs, and the trend is up. Wheat futures rallied once corn and soybeans continued to rally after 8:30 a.m. Wheat bounced back from Monday’s steep decline.

Except for nearby August Live Cattle, cattle futures closed higher by modest amounts. Despite continued strength in boxed beef values, the cash fed market is steady at best and some a $1.00 lower. Choice beef ended 2.21 higher at 229.68 and Select gained 1.01 to 212.26. Formula cattle average 869 pounds and $170.61/cwt.

Lean hog futures closed strongly higher, supported by positive US/China trade discussions which suggests export pork sales will remain strong, and by Monday’s Cold Storage report that showed the July 31 stocks at a 9-year low. Compared to the morning quote of 77.63, FOB Plant Pork closed at 74.81, down .24 from Monday. Ham value dropped 12% to 57.80. Loins rose 5% and bellies gained 4%.

 

US$ -.3%  93.00

Dow -60 28248

SP +12 3444

NAS +87 11466

Tran -22 11127

  VIX -.32 22.05

 

WTI +77 4339

Brent +83 4596

Gas +3 140

NG -3 248

HO +1 126

Eth unch 128

GOLD -6 1922

Slvr -3 2658

2-yr +.002 0.155%

5-yr +.015 0.295%

10yr +.041 0.687%

30yr +.046 1.395%

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