CBOT futures closed mixed although KC and Chicago Wheat futures posted sharp gains. Corn and wheat closed near the day’s highs, while soybeans ended near the lows. Weather issues and short-covering by the funds are the main factors supporting the market. Traders are concerned about dryness in the US Plains and in Argentina.  Soybeans were pressured by the 2 percent drop in soybean oil futures and worries about trade problems with China. Brazil’s soybean harvest has started and will offer competition to US supplies. USDA will update the WASDE report tomorrow to adjust the supply-demand tables and ending stocks forecasts.

Live Cattle futures closed lower in the nearby contracts and higher in most deferred contracts. Futures traded narrower ranges as the market waits for more direction for the cash cattle market. Boxed beef was down strongly Tuesday, but bounced back some today. Choice up 0.94 at 209.37; Select up 0.41 at 203.14.

Lean Hog futures were down sharply today with the nearby February LH contract limiting its loss. LH futures were pressured by yesterday’s sharp drop in pork values and technical selling as the April LH contract fell below chart support marked by the lows in place since October 2. The April LH contract has erased 2/3 of the October-January rally of $12/cwt.  Compared to a midday gain of .43, FOB Plant Pork dropped .89 to 77.34 with ham and belly values down sharply.

Corn Mar +2 365 (362-66); Jly +1 380; Dec +1 395

Bean Mar -3 983 (982-94); Jly -3 1004; Nov -5 1000

  Meal +4 335

  Oil -60 3256

Wheat Mar +14 460; JLy +13 486 (474-87)

  KC +12 481; MGE +4 612

Oats +4 273

Rice -5 1250

 

LC Feb -2 12560; Apr -60 12397; Aug +55 11327

FC Mar -42 14830; Apr -7 14935; Aug +27 15232

LH Feb -90 7385; Apr -220 6922; Jun -180 7960

Milk Feb -13 1355; Mar -14 1355

US$ +.7%

Dow -19 24893

SP -13 2682

NAS -64 7052

Tran +32 10561

  VIX -2.90  27.08  -10%

 

WTI -160 6179

Brent -135 6551

Gas -4 177

NG -6 270

HO -5 193

Eth -1 141

Gold -15 1315

Slvr -34 1624

 

2-yr +.037 2.130%

5-yr +.050 2.558%

10yr +.070 2.836%

30yr +.068 3.111%

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