Despite the stronger US Dollar, CBOT futures closed sharply higher and near the day’s highs. Corn and soybean futures traded inside Tuesday’s wide ranges, but wheat was able to close above yesterday’s highs.  Several factors probably supported the market today including the sharp rise in the stock market to new record highs, rumors that RFS rules and tax credits may get changed to increase demand for ethanol and soy diesel and today being the first day of a new trading month; this encouraged the speculative funds to buy.  

Cattle futures tried to move higher in follow-through to Tuesday’s strong markets, but closed mixed. Live Cattle prices were supported by a stronger boxed beef market and higher cash prices at the Fed Cattle Exchange. Choice up 1.85 at 206.58; Select up 1.52 at 202.87. The Fed Cattle Exchange market averaged $124.99/cwt today, compared to $122.10 last week. April Live Cattle is at a significant discount to the current cash market, so downside should be limited in the near term.

Lean Hog futures managed modest gains at the close despite a weak pork market. FOB Plant Pork closed down .32 at 81.62 as all primal cuts showed stability in their values.

US equity markets soared today following President Trump’s speech last night as investors are optimistic about reduced regulations, lower taxes and increased corporate profits. Treasury yields rose sharply as funds left that safe-haven for the equity markets. Traders are confident that the FOMC will raise its key interest rate later this month. CNBC reported the 2-year bond yield is at the highest level since 2009.

Corn Mar +9 376; Jly +8 389; Dec +7 401 (392-401)

Bean Mar +16 1041; Jly +15 1060; Nov +14 1032 (1018-33)

  Meal +2 335 

   Oil +80 3449

Wheat Mar +11 435; Jly +12 471 (457-71)

  KC +14 465; MGE +13 553

Oats +3 261

Rice +9 938

 

LC Apr -35 11757; Jun +25 10780; Aug +57 10300

FC Mar -57 12450; May -102 12370; Aug -80 12542

LH Apr +82 6842; Jun +37 7800; Aug +57 7840

Milk Mar -17 1610; Apr -25 1591

US$ +.4%

Dow +303 21116

SP +32 2396

NAS +79 5904

Tran +174 9594

  VIX -.38  12.54  -2.9%

 

WTI -18 5383

Brent -15 5636

Gas -5 168

NG +2 280

HO -2 162

Eth unch 154

Gold -4 1250

Slvr +2 1844

 

2-yr +.072 1.288%

5-yr +.112 1.992%

10yr +.100 2.458%

30yr +.096 3.064%

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