Corn Mar -4 589 (585-603); Jly -4 590; Dec +1 547

Bean Mar +16 1355 (1342-68); Jly +16 1371; Nov +14 1284

  Meal Mar +12 411 (401-15)

  Oil -11 5642

Wheat Mar -13 758 (753-82); Jly -9 755 (751-74)

  KC Mar -10 791; MGE -14 968

Oats -2 681

Rice -22 1463

 

LC Feb -77 13892; Apr -62 14420; Jun -45 13875

FC Jan -62 16625; Apr -27 17247; Aug -55 18192

LH Feb -35 8112; Apr -7 8665; Jun +32 9787 

Milk Jan -1 2003; Feb +32 2104

Grain and oilseed futures closed markedly mixed with corn and wheat lower and soybeans and meal higher. The three major commodities were all higher overnight on concerns about lower production in South America due to Argentina and southern Brazil remaining very dry. Private production forecasts were lowered for soybeans. However, after the 8:30 a.m. opening, buying turned to selling and it persisted in corn and wheat futures. Soybean and meal futures bounced off the lows to close higher; old-crop soybean meal gained 2.5-3% and made a life-of-contract high close. Some of the morning weakness was tied to disappointing weekly export inspections and technical considerations once prices turned south. A 0.6% surge in the U.S. Dollar Index was also bearish. MGEX wheat broke support last week and Chicago/KC contracts are sitting just above critical chart support. In soybeans, today’s price range stayed within last Thursday’s huge range and big losses.

Cattle futures closed slightly lower but at/near the bottom of the day’s trading ranges. Given a lack of cash market activity, there was little to get buyers interested. Choice beef gained .77 to 266.03 and Select rose .67 to 258.90. Cash trading was at a standstill. Last week’s cash live price ranged $138-140/cwt.

Lean hog futures closed narrowly mixed with February and April LH lower. LH was weighed down by weaker pork values and by February LH’s $9.00+ premium to the CME LH Index. FOB Plant Pork dropped 5.33 to 86.02 due to loin value being down 12 to 75, and ham value down 9 to 60. Pork movement was a strong 381 loads.

US$ +.6% 96.22  Strengthened on rising interest rates.

Dow +247 36585

SP +30 4797

NAS +188 15833

Tran -175 16303

  VIX -.62 16.60

 

WTI +87 7608

Brent +116 7894

Gas +3 226

NG +8 381

HO +3 236

Eth unch 216

Gold -28 1800

Slvr -54 2281

 

2-yr +.044 0.776%

5-yr +.102 1.360%

10yr +.139 1.637%

30yr +.142 2.031%

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