Corn Jly -11 653 (651-64); Dec unch 536 (514-42)

Bean Jly -14 1371 (1346-85); Aug -12 1334; Nov -8 1292 (1262-1300)

  Meal Jly -8 346 (340-55); Dec -9 351

  Oil Jly +57 6270; Dec +62 6016

Wheat Jly -10 651 (642-61); Dec -12 658; Jly22 -10 661

   KC Jly -6 606; MGE +4 809

Oats +11 376

Rice -11 1323

 

LC Jun +32 12282; Oct +10 12827; Dec +20 13170

FC Aug +145 15715; Oct +112 16110; Jan +102 16277

LH Jly -450 limit 100.02; Aug -202 9870; Oct -65 8320

Milk Jly -4 1656; Aug -22 1657

 

CBOT futures closed mostly lower in highly volatile and wide trading range action. Except for July Corn, futures closed well off the day’s lows which came quickly in the 9 am hour. Corn and soybeans continue to be pressured by very wet forecasts for the central Corn Belt. The latest outlook has turned drier for Kentucky although there will be decent chances of scattered rainfall each day next week. Soybean futures are caught between the heavy selling in soybean meal and the buying of soybean oil futures. MGE spring wheat futures continue to gain on KC and Chicago wheat due to the dry conditions and poor crop ratings. July Options expire tomorrow.

Cattle futures closed higher with feeders benefiting from lower corn prices. Cash fed prices are generally steady as boxed beef weakens. However, the packers have huge margins that can absorb the weaker beef markets. Choice beef lost 4.63 to 307.42 and Select gained .73 to 276.14, narrowing the Choice/Select spread to 31.28. A few fed cattle traded up to $126 live and $202 dressed.

Lean hog futures closed sharply lower in July/August and mixed in the December-forward contracts. July LH ended down the expanded daily limit of $4.50/cwt. Yesterday’s collapse in the pork cutout and the $3.00 limit-down move led to further losses in the July LH. Traders remain concerned about export demand. FOB Plant Pork gained 5.17 at 112.99 thanks to the belly regaining a large share of yesterday’s loss – up 33.75 to 161.87; ham value also gained 4.70 to 83.77. This afternoon’s Hogs and Pigs Report had estimates close to the pre-report trade guesses.
  Kept for Breeding – 97.8%
  Kept for Marketing – 97.7%

 

US$ steady 91.81

Dow +323 34197  - RECORD HIGH

SP +25 4266

NAS +98 14370 - RECORD HIGH

Tran +79 14982

  VIX -.36 15.96

 

WTI +25 7333

Brent +41 7560

Gas +1 228

NG +9 344

HO unch 217

Eth unch 248

Gold -9 1775

Slvr -10 2601

 

2-yr +.006 0.268%

5-yr +.008 0.910%

10yr +.007 1.494%

30yr -.011 2.101%

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