Corn Mar +6 541 (525-46); Jly +7 528; Dec +4 452 (441-53)

Bean Mar +13 1367 (1337-80); Jly +15 1351; Nov +11 1174 (1152-81)

  Meal Mar +7 429 (419-31)

  Oil -6 4563

Wheat Mar -2 633; Jly -1 628 (626-37)

  KC -3 611; MGE -2 616

Oats +2 350

Rice +1 1289

 

LC Feb -80 11532; Apr +42 12312; Jun +40 11952

FC Mar -35 13915; May +2 14545; Aug unch 15300

LH Feb +47 7402; Apr +242 8425; Jun +70 9090

Milk Feb +16 1565; Mar +75 limit 1703; Apr +69 1748

CBOT futures closed mixed with strong gains in corn, soybeans and soymeal. In follow-through selling, futures traded lower into the night, setting lows before rallying back strongly into the early morning break in trading. Further strength after the 830 am opening made the day’s highs before settling back to close mostly mid-range. Wheat ended closer to its lows. Price action today was mostly about money flow by the funds – profit-taking and bargain hunting. There were no daily export sales announced, but the weekly sales numbers were friendly for corn and good for beans. Interestingly, old-crop soybean and meal futures bottomed at critical chart support at the 2-week lows. Old-crop wheat futures are dangerously close to critical chart support. Hopefully, corn and soybean futures will rally and lift wheat with them.

Live Cattle closed higher beyond the February LC contract and feeders finished narrowly mixed. February LC was pressured by disappointing cash fed price development. Feeder futures held up well considering the rebound in corn prices. Choice beef slipped .06 to 232.96 and Select dropped .67 to 220.29. Cash prices are not improving as had been hoped. Very light volume traded around $113-114 live and $180 dressed. The weekly beef export sales report was good.

Lean Hog futures closed slightly higher to strongly higher in the April/May LH contracts. LH was supported by a strong weekly pork export sales report, higher cash hog prices and a soaring pork cutout. FOB Plant Pork ended up 2.01 at 88.87 after being up 6.02 in the morning report.  Belly and ham values were up 14.95 and 9.63 in the morning, but only up 4.80 and 2.84 in the afternoon.

US$ steady 9040

Dow -7 31431

SP +6 3916

NAS +53 14026

Tran -1 12954

  VIX -.74 21.25

 

WTI -77 5791

Brent -58 6089

Gas -1 165

NG -5 286

HO -2 174

Eth unch 169

Gold -17 1826

Slvr -5 2703

 

2-yr -.004 0.109%

5-yr +.008 0.464%

10yr +.013 1.165%

30yr +.030 1.954%

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