Wheat futures stood up on their own today.  Support was credited to an extended dry period forecast in the Plains states. Corn futures closed moderately higher on support from the wheat market and relief that the soy complex didn’t keep going lower.

Soybeans and soybean meal futures appeared to respond to the unwinding of bull spreads (long old crop – short new crop). Old crop soybeans have been pressured by market talk of China cancelling several cargoes from South America, long waits to unload at China ports, and negative crush margins in China.

Cattle futures closed mostly lower except in the nearby April LC. There’s much uncertainty about the cash cattle market but rising boxed beef values and positive packer margins should support cash cattle. Choice carcasses up 2.57 at 241.47 and Select carcasses up 1.72 at 237.71/cwt.

Lean Hog futures closed strongly higher as pork prices keep rising. FOB Plant Pork Cutout up 2.59 to $117.53/cwt.  April LH set a new contract high ahead of the pit opening, but then sold off sharply when the pit opened. After an hour of trading, LH futures rallied the rest of the day to close higher.

Corn May +5 483; Jly +5 487; Dec +3 481 Bean May -6 1413; Jly -3 1391; Nov +13 1189 Meal May -1 444; Oct +5 367 Oil -11 4375 Wheat May +18 659; Jly +18 664 KC +17 728;  MGE +14 707 Oats +1 424 Rice +17 1538

LC Apr +7 14322; Jun -30 13610; Oct -37 13750 FC Mar +22 17392; Apr -15 17557; Aug -20 17780 LH Apr +110 11710; Jun +145 12495; Oct -35 9952 Milk Mar +5 2291; Apr +2 2144

US$ steady

Dow -67 16351 SP -10 1868 NAS -27 4307 Tran -20 7560 VIX +.60 14.80  +4.2%

WTI -159 9953 Brent +20 10828 Gas +1 296 NG -6 459 HO -1 296 Eth +2 228

Gold +8 1350 Slvr -8 2080

2-yr steady 0.374% 5-yr -.01 1.62% 10yr -.01 2.77% 30yr -.01 3.71%

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