Corn May -14 748 (740-67); Jly -10 718; Dec -3 652 (645-58)

Bean May -5 1670 (1667-98); Jly -4 1647; Nov -10 1481 (1475-1504)

  Meal May +7 484; Dec +2 431

  Oil  May -208 7395; Dec -99 6410

Wheat May -10 1096 (1064-1149); Jly -7 1070 (1041-1116)

  KC May +11 1100; MGE unch 1070

Oats May unch 662

Rice +24 1610

 

LC Apr +302 14032; Jun +275 13570; Aug +160 13667

FC Mar +267 15595; May +372 16745; Aug +335 18042

LH Apr -52 10220; Jun +117 11935; Aug +32 11690

Milk Mar +1 2236; Apr +16 2398; May +16 2416

The main CBOT contracts closed lower but KC wheat and soybean meal posted gains. Corn, soybeans and wheat opened higher on Sunday evening before moving lower overnight. While wheat rallied sharply after the 8:30 a.m. opening, corn and soybeans couldn’t duplicate the move. A sharp drop in crude oil futures weighed on corn, soybeans and soybean oil. Soybean meal bucked the trend to close higher with May SM making new contract highs and new contract high close. SM was supported by reports that Argentina halted export registrations for meal and soyoil. December Corn also made a new contract high and high close.

Cattle futures closed sharply higher with very little trading happening to the downside. Traders came in eager to buy and short-covering added to the upside momentum. Feeder cattle rallied on higher LC futures, lower corn prices and strong cash feeder auction prices today. USDA reported in OK City that feeders steers were $2-4/cwt higher and feeder heifers were $3-6 higher than last week. Choice beef rose .80 to 255.51 and Select gained .83 to 249.94. Beef movement was very light at 83 loads. No negotiated cash market was established. Last week’s average prices were $138-140/cwt and $219-222/cwt dressed.

Lean hog futures were mostly higher although the April LH ended down. LH futures were supported by higher cash hog prices, stronger pork cutouts and the sharp rise in LC futures. Hog supplies are tighter; last week’s pork production was down 3.8% year/year and 2022 YTD production is down 7.5% year/year. FOB Plant Pork ended up .64 at 103.19, much lower than the morning quote of 108.39. The ham value went from up 2.5 in the morning to down 12.5 in the afternoon. Pork movement was strong at 312 loads.

US$ steady 99.06

Dow +1 32945

SP -31 4173

NAS -263 12581

Tran -102 15131

  VIX +1.02 31.77

 

WTI -632 10301

Brent -677 10590

Gas -14 317

NG -7 466

HO -14 328

Gold -24 1961

Slvr -86 2530

 

2-yr +.115 1.865%

5-yr +.136 2.097%

10yr +.136 2.142%

30yr +.117 2.481%

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