Corn Jly -7 317 (315-24); Dec -6 328 (324-34)

Bean Jly -1 869 (862-71); Nov -2 868 (860-70)

  Meal -1 285 (284-87)

  Oil -11 2754

Wheat Jly +5 487 (479-89); Dec +1 495

  KC -1 430; MGE -5 511

Oats +7 311

Rice Jly -38 1355; Sep +11 1238

 

LC Jun +87 9417; Oct +2 9965; Dec +20 10355

FC Aug +37 13325; Oct +27 13545; Jan +55 13642

LH Jly +100 4692; Oct +30 5052; Dec +85 5285

Milk Jun -9 2092; Jly -58 2098; Aug -55 1900

 

CBOT futures closed mixed with corn taking it on the chin. Traders started the day at 830 am aggressively selling corn futures. Bearish fundamentals (big crop, good weather) were joined by negative technicals as support levels were broken. December Corn traded a new contract low and a new contract low close. Soybean futures followed corn down early but found a way to erase most of the losses. Both corn and soybean weekly export sales reported by USDA this morning were disappointing. The relatively tight supply-demand situation for U.S. soybeans keeps buyers in the market hoping China “makes their day”. Traders are looking forward to next Tuesday’s USDA reports on planted acreage and quarterly grain stocks; these stats will answer some of the market’s questions.

Cattle futures closed mostly higher in relatively narrow price ranges. LC found support from strong weekly beef export sales (24,400 MT), the highest since mid-January. Weighing on futures has been the lower cash trade ($93-97) and weaker boxed beef prices. Choice beef slid 1.43 to 208.26 and Select lost 1.76 to 199.93. Dressed steer carcass prices averaged $154.16/cwt. Formula purchases were heavy at 903 pounds, averaging $166.50/cwt.

Lean hog futures closed from steady to $1.07 higher ahead of this afternoon’s Quarterly Hogs and Pigs Report. LH was lifted by yesterday’s surge in the pork cutout value and chart indications of a bottoming. However, the pig report is considered bearish with larger than expected numbers of market hogs and breeding stock. This morning’s weekly pork export sales report was disappointing, but still came in near the 4-week average. China came in behind Mexico for most purchases.  FOB Plant Pork fell 2.63 to 65.05. Ham lost most of its huge price gain from yesterday – down 11.38 to 44.54. Loins and ribs fell 4%. The picnic gained 16% to 53.97.

 

US$ +.2% 97.40

Dow +300 25746

SP +33 3084

NAS +108 1017

Tran +101 9000

  VIX  -1.62 32.22

 

WTI +108 3909

Brent +117 4148

Gas +1 121

NG -16 144

HO +1 116

Eth -10 117

Gold -1 1774

Slvr +26 1793

 

2-yr Unch 0.188%

5-yr +.004 0.334%

10yr +.002 0.686%

30yr -.012 1.434%

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