Corn Mar -7 602 (601-10); Jly -6 600; Dec -1 555

Bean Mar +5 1395 (1381-99); Jly +5 1407; Nov +4 1304

  Meal Mar -1 413 (410-16)

  Oil +111 5944

Wheat Mar -9 761 (756-71); Jly -5 761 (754-67)

  KC Mar -17 787; MGE -22 948

Oats -7 685

Rice -2 1467

 

LC Feb -57 13725; Apr -72 14195; Jun -40 13725

FC Jan -55 16215; Apr unch 16977; Aug +32 18102

LH Feb +212 8227; Apr +167 8867; Jun +112 9940

Milk Jan -14 2061; Feb +47 2226

CBOT futures closed mixed with corn and wheat pressured by profit-taking. Market fundamentals didn’t change today as soil moisture and forecasted moisture remain unfavorable in the Southern US Plains and in parts of Brazil and Argentina. Old-crop corn futures gave back less than half of Tuesday’s gains; December corn only lost a penny. A 2% gain in soybean oil lifted soybean futures as soymeal closed a dollar lower. Palm oil futures hit a new contract high due to flooding. Although wheat fell the most today, the KC and Chicago market remains above the key chart support set by the December lows. Spring wheat (MGE)continues stair-stepping down from the last high set December 27; this is around 80 cents/bushel. Further weakness in MGE wheat could point toward $8.50 in the March contract. In tomorrow’s weekly export sales report, traders aren’t expecting any big numbers given it was a holiday week.

Cattle futures finished mixed with live cattle mostly lower and feeder futures mostly higher (weak front end). Cattle were pressured by follow-through selling from Tuesday’s big drop. Choice beef edged up .11 to 266.93 and Select rose .38 at 259.61. Beef movement was strong at 160 loads, similar to Tuesday. Limited cash fed trade has been at steady to weaker prices -- $138/cwt and $220 dressed.

Lean hog futures closed higher with the February LH leading the way. June and beyond LH made new contract highs. LH was supported by stronger cash hog prices and a very strong pork market in the morning. FOB Plant Pork ended the day UP 0.45 compared to UP 7.96 in the morning report. The belly went from 166 in the morning to 142 in the afternoon; ham value slid from 66 to 55; and the loin lost 4.59 today to 75.16. Pork movement was the lowest of this week at 327 loads. Tomorrow morning’s weekly export sales report could add to today’s strength.

US$ -.1% 96.16

Dow -393 36407

SP -93 4701

NAS -523 15100

Tran -235 16344

  VIX +2.82  19.73

 

WTI +20 7719

Brent +10 8010

Gas unch 227

NG +12 384

HO +2 243

Gold -4 1811

Slvr -24 2282

 

2-yr +.066 0.830%

5-yr +.052 1.426%

10yr +.034 1.700%

30yr +.015 2.093%

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