Corn Jly unch 660 (654-68); Dec -18 539 (536-66)

Bean Jly -20 1394 (1393-1427); Aug -18 1352; Nov -17 1302 (1297-1329)

  Meal Jly -10 363 (363-76); Dec -8 367

  Oil Jly +34 6067; Dec +6 5799

Wheat Jly -10 651 (651-73); Sep -10 655; Dec -9 661

  KC Jly -3 596; MGE +18 783

Oats -3 360

Rice +43 1315

 

LC Jun +212 12310; Oct +172 12837; Dec +207 13237

FC Aug +325 15835; Oct +280 16212; Jan +267 16362

LH Jly +47 10752; Oct -5 8540; Dec +22 7772

Milk Jly +9 1655; Aug -17 1682

 

CBOT futures closed mixed with nearly all grain and oilseed contracts lower – soybean oil, MGE wheat and rice closed higher. For most futures, the highs were made Monday evening, followed by prices sliding from there into the close today. July corn bucked the trend with a strong morning rally that eventually faded. The markets were pressured by midday weather forecasts providing hope that adequate rains will come over the next 10 days for most of the Corn Belt. The spec funds were sizable sellers in corn and soybean futures, of which they hold large long positions. Spring wheat futures closed strongly higher but around 20 cents below the day’s highs on the very poor crop condition ratings from USDA on Monday. Without rain in the northern Plains and Minnesota, the average condition rating isn’t likely to improve. Every weather model update has the potential to change traders’ price expectations.

Cattle futures closed strongly higher with feeders getting a boost from weakness in corn futures. Live cattle were supported by reports of stronger cash trade by as much as $2.00-2.50/cwt. The volume traded at those prices was probably low. Choice beef fell 5.45 to 315.75 and Select slipped 1.71 to 279.75 on moderate movement of 108 loads. USDA reported negotiated cash trading as limited to inactive. Some trades were reported at $120-126.50 live and $197/cwt dressed. This afternoon’s Cold Storage Report showed May 31^st frozen beef stocks down 7.8% from a month earlier.

Lean hog futures closed mostly higher but $2.00-$3.00 below the day’s highs. LH was pressured by the weaker pork cutout and general trader caution ahead of Thursday’s Hogs and Pigs Report and concern that China’s pork demand is slipping. FOB Plant Pork dropped sharply today by 12.93 to 107.83. The morning quote was only down 1.52. While all primal cuts were lower in value, the belly dropped 59.30 to 122.68, ribs fell 16.39 to 204.22 and ham value slid 3.53 to 74.63. Pork movement was a very large 445 loads. Today’s Cold Storage Report for May 31 pork stocks showed 461 million pounds, up one percent from a month earlier.

US$ -.2% 91.72 

Dow +69 33946

SP +22 4246

NAS +112 14253 – Record high close

Tran +33 14940

  VIX -1.29  16.60

 

WTI -27 7285

Brent -9 7481

Gas +3 223

NG +6 328

HO +2 215

Eth +2 248

Gold -5 1777

Slvr -17 2586

 

2-yr -.022 0.232%

5-yr -.031 0.855%

10yr -.017 1.468%

30yr -.010 2.096%

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