CBOT futures closed higher with strong gains in soybeans, meal and Chicago wheat. Futures barely traded lower than Tuesday’s closing prices. Corn and bean prices began to rally by 7 am CT and hit daily highs by 9 am; after a morning correction, futures closed strongly. The market found support from extended weather outlooks that are warmer and drier than normal, as well as private production forecasts that suggest USDA could lower its forecasts next week. Soybean yield is dependent on August weather.

Cattle futures closed slightly lower except for the most nearby contracts which ended higher. Basically, cattle futures are consolidating gains made earlier this week. Boxed beef is catching up with the futures market. Choice beef closed up 1.73 at 235.21 and Select gained .68 at 228.85.

Lean Hog futures closed lower with the soon-to-expire August LH contract dropping $1.20/cwt on weaker cash hog quotes – down about $1.40/cwt. FOB Plant Pork gained .55 to 89.12 with gains in picnics, ribs and bellies. The cutout was down slightly at midday.

Corn Sep +4 373; Dec +4 383; Dec16 +3 399 Bean Sep +14 963; Nov +11 953; Nov16 +1 911 Meal +6 344 Oil -22 2973 Wheat Sep +8 502; Jly +5 522 KC +4 489; MGE +2 515 Oats -1 235 Rice +8 1154

LC Aug +50 14872; Dec +2 14975; Feb -2 14955 FC Aug +17 21412; Oct -25 20852; Jan -22 20140 LH Aug -120 8020; Oct -47 6687; Dec -27 6287 Milk Aug -4 1638; Sep -3 1675

 

US$ steady Dow -10 17540 SP +7 2100 NAS +34 5140 Tran +10 8437 VIX -.49 12.51 -3.8%

WTI -61 4513 Brent -38 4961 Gas -1 167 NG -3 278 HO -1 154 Eth unch 149 Gold -6 1084 Slvr unch 1455

2-yr +.004 0.732% 5-yr +.054 1.645% 10yr +.059 2.270% 30yr +.056 2.944%