Corn Mar +20 609 (591-611); Jly +17 606; Dec +8 556

Bean Mar +34 1390 (1355-92); Jly +30 1402; Nov +16 1299

  Meal Mar +3 415 (407-16)

  Oil +191 5833 (56441-5854)

Wheat Mar +12 770 (756-71); Jly +11 766 (752-67)

  KC +12 804; MGE +3 970

Oats +11 692

Rice +6 1469

 

LC Feb -110 13782; Apr -152 14267; Aug -90 13695

FC Jan -357 16267; Apr -270 16977; Aug -122 18070

LH Feb -97 8015; Apr +35 8700; Jun +40 9827

Milk Jan +66 2069; Feb +75  limit  2179

CBOT futures closed sharply higher today as traders focused on the deteriorating crop in parts of Brazil and Argentina. Private analysts and Brazilian officials have lowered soybean production estimates. One widely followed meteorologist does not see any significant change in soil moisture in the affected areas. The buying kicked in at the 8:30 a.m. opening and hardly even stopped.  November Soybeans are only 15 cents from the contract high set last June. Soybean oil futures took over from soybean meal as the leader in the soy complex. Soyoil was supported by higher crude prices and by rising palm oil futures. Wheat futures closed higher with KC and Chicago ending near the day’s highs. Wheat was lifted by spillover support from the bean/corn markets, as well as Monday’s USDA report showing HRW wheat conditions have deteriorated significantly during December. Traders will be looking to USDA’s next set of crop reports on January 12 – grain stocks, final crop production estimates, winter wheat seedings, and the monthly WASDE for additional estimates of South American crops.

Cattle futures closed sharply lower in response to the big rally in corn and the soy complex. LC and FC futures gapped lower on the opening as the CBOT surged higher. Nearby LC have been lower four straight days. The cash fed market remained quiet today. Choice beef gained .79 to 266.82 and Select was up .33 at 259.23. Beef movement as very strong at 160 loads.

Lean hog futures were slightly higher beyond the nearby February LH contract which lost 97.5 cents/cwt. The February LH was pressured by Monday’s weak pork market and its big premium to the cash hog market. The February LH has settled lower for four straight days and has retraced 50% of its $9.00/cwt December rally. FOB Plant Pork slipped .55 to 85.47. Movement was huge at 435 loads, surpassing Monday’s 381 loads.

 

US$ +.1% 96.28

Dow +215 36800

SP -3 4794

NAS -210 15623

Tran +277 16580

  VIX +.28 16.88

 

WTI +91 7699

Brent +102 8000

Gas +2 228

NG -10 372

HO +5 241

Gold +14 1815

Slvr +25 2306

 

2-yr -.026 0.760%

5-yr -.008 1.361%

10yr +.019 1.649%

30yr +.041 2.058%

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