After trading higher overnight, CBOT futures headed south when trading resumed at 830 am. Pressure came from rain in the extended South American forecast and sliding energy futures.  Wheat and soybean futures led the way down.  Corn and soybeans bounced off the day’s lows to close mid-range, but wheat finished at/near the day’s lows due to a higher Canadian wheat crop estimate and fund selling. KC and Chicago wheat futures are sitting near the contract lows.  Specs may try to push prices down through chart support.

Soybean oil futures continue to lose relative to soybean meal; meal has fueled the soybean futures rally since the market bottomed mid-November. Since November 16, January Soybean Meal is up $30/ton and January Soybeans is up 30 cents/bushel; soybean oil is down four percent during this time period.

Offering support for corn was news that U.S. ethanol weekly production hit a record high 1.11 million barrels per day.

Cattle futures closed lower in Live Cattle to sharply lower in Feeder Cattle. Futures were pressured by weaker boxed beef values and expectations that fed cattle will trade lower than last week’s average over $120/cwt. Choice dropped 2.68 to 206.40 and Select fell 2.52 to 184.11.  Technically, cattle futures dropped to new lows for the current down move. January FC have not been this low since September.

Lean Hog futures closed lower under pressure from the cattle futures market, rising slaughter weights, and lower pork cutouts.  FOB Plant Pork fell 2.03 to 82.75 with 5% losses in the value of loins and picnics.
 

Corn Mar -1 353 (351-56); Jly -1 369; Dec18 -1 385

Bean Jan -6 1003 (995-1014); Jly -5 1033; Nov -4 1014

   Meal -1 342

  Oil -33 3317

Wheat Mar -7 425; Jly -7 451 (451-59)

  KC -8 423; MGE -12 614

Oats -7 248

Rice -14 1218

 

LC Dec -52 11590; Apr -90 12062; Jun -95 11347

FC Jan -180 14602; Apr -202 14437; Aug -177 14605

LH Dec -45 6382; Feb -155 6895; Apr -135 7297

Milk Dec -1 1541; Jan -8 1421

 

US$ +.2%

Dow -40 24141

SP steady 2629

NAS +14 6776

Tran -1 10228

VIX -.28 11.05

 

WTI -165 5597

Brent -161 6125

Gas -5 167

NG unch 291

HO -5 186

Eth -4 132

Gold unch 1265

Slvr -9 1597

 

2-yr -.020 1.806%

5-yr -.028 2.123%

10yr -.021 2.335%

30yr -.007 2.725%

 

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