CBOT futures closed lower with corn finishing at the day’s lows, while soybeans rallied 6-7 cents off the lows set before 9:30 am CT. Futures were pressured by favorable South American weather, poor export shipments, and fund selling (they are already significant short corn, soybeans and wheat futures).  Traders will position for Friday’s midday USDA reports that update crop production estimates and the supply-demand tables.

Live Cattle futures closed moderately to sharply lower in follow-through selling to Friday’s sharp losses.  Selling was mostly technical in nature as longs liquidated positions. The nearby February LC is now nearly $3.00 discount to last week’s average cash price of $120/cwt. The discount could limit losses until the cash market is established, especially given that boxed beef values were stronger today.  Choice up 0.69 at 210.20; Select up 1.05 at 203.37.

Lean Hog futures closed higher with the best gain coming in the February LH contract. Buying was encouraged by stronger cash hog bids that are higher than the February LH price. Buying was also supported by LH futures moving to new contract highs. The February LH has gained over $7.00/cwt since mid-December. Despite the higher cash hog bids, pork values slipped -- FOB Plant Pork dropped .65 to 78.42.

 

Corn Mar -4 347 (347-51); Jly -4 364; Dec -3 381

Bean Mar -4 967 (960-71); Jly -4 987; Nov -1 984

  Meal unch 321

  Oil -22 3354

Wheat Mar -3 428; Jly -3 453 (451-57)

  KC -4 433; MGE -1 625

Oats +1 250

Rice +8 1189

 

LC Feb -202 11722; Apr-155 11930; Aug -90 10850

FC Jan -17 14645; Apr -32 14202; Aug -57 14522

LH Feb +155 7297; Apr +72 7680; Jun +52 8550

Milk Jan -9 1385; Feb -20 1324

 

US$ +.3% 92.33

Dow -13 25283

SP +5 2748

NAS +21 7157

Tran +86 10998

  VIX +.30 9.52

 

WTI +29 6173

Brent +26 6788

Gas +1 179

NG +4 283

HO -1 205

Eth -1 130

Gold -2 1320

Slvr -14 1714
 

2-yr unch  1.960%

5-yr +.002 2.287%

10yr +.004 2.480%

30yr unch  2.810%

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