Corn Mar -2 625 (621-28); Jly -3 616; Dec -6 567

Bean Mar +8 1448 (1428-56); Jly +3 1453; Nov +4 1338

  Meal Mar +4 405 (396-410); Dec +2 377

  Oil +41 6434

Wheat Mar -18 777 (774-95); Jly -17 773 (772-90)

  KC Mar -22 793; MGE -14 902

Oats -2 655

Rice -11 1496

 

LC Feb -22 13782; Apr -27 14162; Jun -35 13670

FC Jan +20 15892; Apr -110 16510; Aug -70 17922

LH Feb -100 8702; Apr -177 9467; Jun -130 10517

Milk Jan +7 235; Feb +45 1996; Mar +56 2073

CBOT futures closed mixed the soy complex on the plus side and corn and wheat on the negative side. A very strong US Dollar weighed on commodity prices today, especially hitting the wheat market given its export situation. This morning’s USDA weekly export sales report was positive for all three major contracts; corn sales were actually at a new marketing year high of 55 million bushels. Corn slid lower on corrective selling following the price strength seen the past two days. Wheat extended the losses posted Wednesday, pressured by the strong dollar and reportedly somewhat less concern that Russia will invade Ukraine very soon (Only Putin knows?)  Soybean futures were strong again today, making new contract highs in old and new crop contracts. Soybeans were supported by the strong export sales, record high palm oil prices, and traders thinking the South American production estimates will get smaller especially if February turns back to warm and dry. Crude oil made another high at a level last seen in October 2014. Gasoline futures at this level was last seen in September 2014.

Cattle futures closed lower with feeders slightly outpacing live cattle. Live cattle were pressured by the weaker morning beef cutout and a slightly weaker, low volume cash market. LC traded mostly narrow ranges inside yesterday’s range. Feeder futures fell back towards Tuesday’s closing prices. Choice beef slipped .35 to 289.11 and Select fell .62 to 279.10.  Movement was strong at 136 loads. Cash prices this week have been reported mostly $137-138/cwt live and $218/cwt dressed.

Lean hog futures opened steady but moved sharply lower in the first hour to make the day’s lows. Today’s selling was likely technical in nature due to the overbought conditions resulting from the $10+ rally off the mid-January lows. Despite the futures sell-off, cash hog and pork fundamentals are strong. China was on the pork export sales report for last week. FOB Plant Pork gained 3.59 at 98.19, down from the morning quote of 100.65. Pork movement was on the low side at 254 loads. Ham value rose 11% to 81 and belly value was up 7 at 161.

US$ +.8% 97.22 – 19-month high

Dow -7 34161

SP -23 4327

NAS -189 13353

Tran -219 14810

  VIX -1.47 30.49

 

WTI -6 8729

Brent +2 8998

Gas +4 256

NG +162 590

HO +8 283

Eth unch 216

Gold -33 1797

Slvr -102 2278

 

2-yr +.097 1.188%

5-yr +.017 1.662%

10yr -.043 1.803%

30yr -.075 2.091%

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