Corn and soybean futures closed steady to slightly lower. Markets were pressured by yesterday’s negative USDA supply-demand reports from rising ending stocks forecasts. Corn was hurt by increased ethanol production and record-high ethanol stocks. Chicago Wheat posted gains as funds covered short positions; this follows Tuesday’s action where new contract lows were hit in Chicago and KC wheat. Corn futures have closed lower for 6 straight days; the same is true for March Soybean Meal, and Meal is hitting new contract lows.

Cattle futures closed moderately higher, but this follows the limit-down losses on Monday and slight losses on Tuesday. Prices were supported by a stronger boxed beef market and Feb LC discount to cash prices of $134. Choice beef closed up .16 at 218.19 and Select ended up .02 at 213.62. At midday, Choice was 218.86.

Lean hog futures closed lower except for the nearby February LH contract. Prices were pressured by profit-taking and technical selling once the charts had bearish reversals. FOB Plant Pork dropped .12 to 77.05, compared to 76.83 at midday.

Notice how low Treasury yields have fallen. The Federal Reserve’s Janet Yellen spoke today and said U.S. economic conditions are less supportive of growth.

Corn Mar -1 360; Jly -1 370; Dec unch 383 Bean Mar -1 862; Jly unch 872; Nov unch 878 Meal -2 261 Oil +31 3101 Wheat Mar +4 461; JLy +3 469 KC unch 445; MGE -1 486 Oats -6 189 Rice +37 1113

LC Feb +115 13255; Jun +75 12160; Aug +107 11867 FC Mar +220 15120; May +210 15095; Aug +200 15170 LH Feb +52 6537; Apr -117 6845; Jun -80 7877 Milk Feb -3 1378; Mar +1 1397

 

US$ -.2% 95.80 Dow -100 15915 SP steady 1852 NAS +15 4284 Tran -12 6984 VIX -.25 26.29

WTI -61 2733 Brent +67 3099 Gas +5 95 NG -5 205 HO steady 98 Eth -2 138 Gold -1 1198 Slvr -15 1529

2-yr -.004 0.694% 5-yr -.029 1.125% 10yr -.056 1.673% 30yr -.063 2.492%

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