Corn Mar +5 621 (609-21); Jly +2 611; Dec +2 567

Bean Mar -11 1403 (1382-1424); Jly -13 1414; Nov -9 1307

  Meal Mar +1 394 (387-96); Dec -1 369

  Oil -103 6197

Wheat Mar +20 800 (776-802); Jly +18 792

  KC Mar +25 818; MGE +12 948

Oats +8 631

Rice +13 1498

 

LC Feb -160 13632; Apr -202 14007; Jun -172 13557

FC Jan -180 15847; Apr -175 16637; Aug -115 18025

LH Feb +12 8632; Apr +37 9532; Jun +117 10595

Milk Jan -1 2028; Feb -10 2044; Mar -22 2153

CBOT futures closed widely mixed with soybeans and soyoil losing ground to corn and wheat futures. Most futures were lower in overnight trading and began to rally when the markets reopened at 830 am. The rally persisted in corn and wheat but failed in soybeans. Wheat was supported by growing concerns that Russia will create trouble with the Ukraine which could impact exports from that region. Corn was lifted by spillover support from wheat and the upward momentum established in corn futures last Friday. March Corn made a new 7-month high; the next resistance is the June 2020 high of $6.33, then $6.405. Improved rainfall in the dry areas of Argentina and southern Brazil weighed on soybeans.

Cattle futures gapped down on the open this morning and closed sharply lower. Cattle faced pressure from Friday’s negative Cattle on Feed Report and by the general bearish tone of commodity prices and the stock market earlier today. After the CME cattle market closed, the U.S. stock market staged a remarkable recovery to finish with gains. Choice beef gained 1.09 to 293.50 and Select rose 2.46 to 284.79. Beef movement was disappointing at 80 loads, similar to Friday’s 72 loads. Negotiated cash trade was not established.

Lean hog futures closed mixed with Feb-July in the green and August-December in the red. This makes for six straight days of price gains; the April LH made another new contract high/high close. LH was supported by strong cash fundamentals led by the pork market. FOB Plant Pork ended up 2.37 at 95.66 compared to 102.18 in the morning. Big gains in ham and belly values faded as the day wore on. Pork movement was strong at 342 loads.

US$ +.3% 95.88

Dow +99 34364 (was down 1115 points during the day)

SP +12 4410   (low of 4223)

NAS +86 13855 (was down nearly 5% earlier in the day)

Tran +189 15436

  VIX +1.05 29.90

 

WTI -104 8410

Brent -74 8715

Gas -2 242

NG -4 396

HO -4 265

Gold +12 1843

Slvr -27 2404

 

2-yr -.022 0.971%

5-yr +.004 1.551%

10yr +.029 1.776%

30yr +.054 2.116%

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