Corn Sep -7 564; Dec -7 561 (551-68); Dec22 -1 500

Bean Aug -23 1416; Sep -29 1369; Nov -27 1362 (1342-91); Nov22 -19 1255

  Meal Aug -7 363; Dec -8 366

  Oil Aug -46 6500; Dec -82 6196

Wheat Sep -18 692 (682-709); Dec -18 701; Jly -17 691

   KC Sep -15 654; MGE +6 904

Oats unch 454

Rice +23 1354

 

LC Aug +75 12080; Oct +142 12667; Dec +80 13185

FC Aug +142 15820; Oct +152 16262; Jan +145 16370

LH Aug +7 10665; Oct -67 9172; Dec -32 8500

Milk Jly -8 1657; Aug +31 1641

CBOT futures closed lower to sharply lower on apparent profit-taking and technical selling. The selling persisted in the overnight session driving prices sharply lower, but futures were able to make decent rebounds by the closing bell. The selling may have been based in part on improved rain prospects in the northern areas which have been very dry. However, this afternoon’s NOAA Outlook Maps don’t show much promise of this rainfall and temps will remain above normal. See Maps HERE.

Cattle futures rallied for a second straight day on higher boxed beef values and strong weekly beef export sales and export shipments(marketing year high). Feeder futures gapped higher at the opening because CBOT futures were down sharply overnight. Choice beef gained .90 to 266.14 and Select rose 1.00 to 249.77. Movement was a light 118 loads. Limited negotiated trade was reported at $195/cwt dressed. Today’s Cold Storage Report put June 30 beef stocks at 399 million pounds, down 4.3% from May 31 and 7.1% lower than year-earlier levels. This points to continued strong beef demand in the U.S. and for exports.

Friday afternoon brings the monthly Cattle on Feed report and the semi-annual Cattle Inventory report. Traders expect July 1^st on-feed to be down 1% from a year ago; July 1 beef/heifer down 1.1% and July 1 dairy cow/heifer up 1%.

Lean hog futures closed lower except for the August LH. LH prices were pressured by weaker cash hog prices and pork cutouts. FOB Plant Pork ended up .22 at 122.31 after being down 1.60 in the morning. Pork movement was a moderate 280 loads. June 30^th frozen pork stocks were down 4.4% from a month earlier and down 3.9% from a year ago. Weekly pork export sales reported were better than last week, but China didn’t buy anything.

US$ +.1% 92.86

Dow +25 34823

SP +9 4367

NAS +53 14685

Tran -35 14655

  VIX -.25 17.66

 

WTI +161 7191

Brent +156 7379

Gas +5 225

NG +4 398

HO +4 213

Eth unch 232

Gold +2 1805

Slvr +13 2538

 

2-yr -.010 0.198%

5-yr -.025 0.706%

10yr -.024 1.258%

30yr -.038 1.892%

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