CBOT futures closed mixed with soybean meal leading the way higher. Soybeans and meal gapped higher Sunday evening at the open in follow-through buying after futures posted bullish key reversals on Friday following USDA reporting a lower average US soybean yield. The soy complex gained additional support from some dryness issues in Argentina and a record-large December crush for the U.S.  A weaker US Dollar (at lows not seen since December 2014) proved supportive to soybeans and corn futures, but could not help the wheat market which saw follow-through selling from Friday’s bearish price action based on higher seeded wheat acres than expected. The speculative funds hold large short positions in corn, wheat and soybeans; this provides fuel for short-covering rallies. Old-crop soybean futures are less than a dime away from the next level of chart resistance at the January highs.

Cattle futures closed higher and near the day’s highs. However, cattle erased opening gains, only to rally in the final minutes back to the day’s highs. The buying appeared to be technical in nature and helped by the strong rally in Lean Hog futures. Fundamentals were negative as boxed beef values dropped over one percent. Choice carcasses down 2.45 at 205.58; Select down 2.15 at 199.89. LC futures have closed higher for three straight days.

Lean Hog futures closed strongly higher with the three percent gain in the nearby February LH contract. Today’s rally built on Friday’s rally which ended a sharp 2-day decline. The February LH contract moved to new contract highs. The weekly continuation LH contract has a gap open from $74 to $80. FOB Plant Pork dropped .38 to 80.71, compared to 81.45 at midday.

 

Corn Mar +2 348 (346-49); Jly +2 365; Dec +2 382

Bean Mar +7 968 (963-70); Jly +8 989; Nov +5 989

  Meal +6 323

  Oil -34 3279

Wheat Mar -4 416; Jly -3 444

  KC -4 422; MGE -1 611

Oats unch 250

Rice +33 1214

 

LC Feb +72 11810; Apr +92 12037; Jun +72 11235

FC Jan +125 14560; Apr +107 14407; Aug +92 14667

LH Feb +232 7390; Apr +182 7615; Jun +122 8502

Milk Jan +1 1377; Feb +30 1337

 

US$ -.6%

  Stocks reversed huge gains that had reached new record highs. Traders blamed it on the potential for a government shutdown if Friday’s funding deadline isn’t met.

Dow -10 25792

SP -10 2776

NAS -37 7224

Tran -146 11227

  VIX +1.50  1.66

 

WTI -57 6373

Brent -94 6932

Gas -1 184

NG -7 313

HO -2 206

Eth unch 136

Gold +2 1337

Slvr +5 1719

2-yr +.016 2.018%

5-yr +.005 2.353%

10yr -.013 2.539%

30yr -.022 2.831%

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