Corn Mar unch 583 (576-85); Jly unch 586; Dec22 unch 552

Bean Jan -6 1261 (1254-75); Jly -3 1280; Nov -1 1233

   Meal Jan -6 353 (351-60)

  Oil +64 5786

Wheat Mar +2 806 (789-812); Jly +4 799

  KC Mar -2 822; MGE +7 1028

Oats +13 730

Rice -4 1402

 

LC Dec +50 13817; Feb +70 13965; Apr +72 14287

FC Jan +112 16525; Mar +85 16795; May +92 17217

LH Dec -195 7205; Feb -327 7822; Apr -222 8365

Milk Dec +10 1870; Jan +44 1921

Grain and soy futures closed mixed but mostly well of the day’s lows, especially in corn and wheat contracts. Futures mostly bottomed early in the day session before recovering to varying degrees. This morning’s report of weekly export inspections were on the high end of expectations for corn and soybeans. Soybeans may have been slightly pressured by rainfall in some dry areas of South America. Wheat futures were supported by dryness in the U.S. Plains, quality concerns in Australia, and by the tensions between Russia and the Ukraine. Importers are getting concerned about sourcing high-protein wheat. On Thursday, USDA will update the WASDE tables but 2021 production estimates shouldn’t change.

Cattle futures closed moderately higher and near the day’s highs. Live cattle were supported by last week’s cash market strength and optimism for higher cash fed price this week. Outside markets – energy and equities – were supportive as well with prices rising on easing concern regarding the Omicron variant of Covid. Choice beef fell 1.83 to 272.53 and Select dipped 0.79 to 257.85. Beef movement was light at 116 loads. Cash markets were inactive; last week’s top was $142/cwt in the Southern Plains and Colorado.

Lean hog futures closed sharply lower and at the bottom of the trading range. Adding to the negativity was a gap lower at the opening bell. Given Friday’s sharp drop in the pork cutout and weakness in the cash hog market, today’s large losses aren’t surprising. Plus December LH is at a premium to the CME LH Index. Pork was up sharply in the morning report at 89.30 but that didn’t hold up. FOB Plant Pork gained 2.34 to 83.71 with a 10% gain in the loin value to 77.54. Movement was strong at 399 loads.

US$ +.1% 96.28

Dow +647 35227

SP +53 4592

NAS +140 15225

Tran +360 16328

  VIX -3.45 27.22

 

WTI +380 7006

Brent +379 7367

Gas +11 206

NG -45 368

HO +9 219

Gold -5 1777

Slvr -9 2235

 

2-yr +.044 0.635%

5-yr +.085 1.209%

10yr +.100 1.441%

30yr +.097 1.772%

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