Corn futures rallied overnight with the day’s highs coming before 7 am CDT.  However, once markets reopened at 830 am, corn trended lower all day long. The failed rally means that July and December Corn closed below the 200-day moving average for the 3^rd straight day. December Corn closed at 3.9425 all three days. In contrast, soybean and soybean meal futures have closed strongly higher the last two days on strong cash demand.  KC and MGEX wheat hit new contract lows.  No matter what futures do tomorrow, it’s Thursday’s USDA reports that could establish the next short-term trend.

Cattle futures closed higher, adding to Monday’s price gains. Live Cattle outperformed feeder futures. Futures rallied without fundamental support. Boxed beef prices were lower -- Choice closed down 2.56 at 208.04; Select down 0.95 at 196.44.

Lean Hog futures closed mostly higher. While cash hog prices weakened, pork markets were very supportive. FOB Plant Pork soared 1.86 to 90.86 with sharp gains in the value of butt, picnic, rib and ham cuts. July LH futures are already about $6.00/cwt below the mid-month peak; however, the October LH is only off $2.50 after being down over $5.00 during Monday’s trading.

Financial markets reversed direction today after the strong negative reaction on Friday and Monday to BREXIT.

Corn Jly unch 385; Dec unch 394 (391-407)

Bean Jly +17 1150; Nov +15 1120 (1100-1137)

  Meal +8 392

  Oil -15 3111

Wheat Jly -3 444 (443-55); Dec -1 477

  KC -4 409;  MGE -5 501

Oats +2 206

Rice -17 1067
 

LC Jun +115 11707; Oct +75 11305; Dec +67 11390

FC Aug +50 14067; Oct +37 13825; Jan +55 13155

LH Jly unch 8315; Oct +90 7202; Dec +60 6425

Milk Jly +22 1511; Aug +45 1631

US$ -.1%

Dow +269 17410

SP +36 2036

NAS +97 4692

Tran +159 7253

  VIX -5.10  18.75

 

WTI +153 4786

Brent +141 4857

Gas +3 152

NG +14 289

HO +4 148

Eth -1 160

Gold -10 1312

Slvr +6 1780

 

2-yr +.008 0.613%

5-yr +.006 1.006%

10yr +.005  1.465%

30yr -.007 2.273%

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