Corn May +10 549 (533-51); Jly +9 538; Dec unch 479 (473-79)

Bean May +6 1419 (1402-24); Jly +8 1410; Nov unch 1244 (1231-47)

  Meal May +7 407 (397-408)

  Oil -27 5509

Wheat May +6 645; Jly +5 637 (628-39); Dec +2 642

  KC May +3 607; MGE +5 639

Oats -1 376

Rice -5 1294

 

LC Apr +12 11912; Jun +135 12177; Aug +105 12082

FC Mar +67 13702; May +135 14972; Aug +127 15785

LH Apr -85 9055; Jun -7 9892; Aug unch 9867

Milk Apr -20 1751; May -13 1818

 

CBOT futures closed mixed with old-crop corn leading the way higher on this morning’s report showing last week’s export corn shipments were very strong (2.2 MMT). Old-crop soybeans and soybean meal also closed strongly higher; meal benefitted from unwinding of soyoil/meal spreads and profit-taking in meal following several days of negative price movement. On Friday, May Meal hit lows not seen since December 18 and around $67 below the January high. NOPA reported the February bean crush at a disappointing 155.2 million bushels. Last week’s soybean export shipments were in line with expectations. Wheat futures followed corn/beans higher despite improved moisture conditions in parts of the Plains. The weekly Drought Monitor map later this week should show areas of improvement. Traders will monitor ASF in China’s hog herd and prepare for the USDA acreage and stocks reports at month end.

Cattle futures closed higher, adding to Friday’s gains. The April LC contract ended near steady given last week’s steady cash market and weaker boxed beef. However, traders are optimistic that the cash market may start to move in favor of the feedlots. August-forward live cattle contracts made new contract highs. Choice beef lost 1.10 to 224.77 and Select fell 2.22 to 218.05. Negotiated cash fed trade was not established. Last week’s trade was $112-114 live and $178-180 dressed.

Lean hog futures closed mostly little changed except for losses in the April and May LH contracts. Despite the losses, these two contracts remain near the contract highs set last week. Lean hog and pork fundamentals remains strong – cash hog price was up as much as $3/cwt today and the pork cutout also soared 4%. FOB Plant Pork ended the day up 4.14 at 102.44 with ham value up over 12%, picnics up over 11% and other cuts all higher in value. Last week’s hog slaughter was down 2.1% yr/yr. Traders are closely monitoring the ASF situation in China.

US$ +.1% 91.80

Dow +175 32953

SP +26 3969

NAS +140 13460

Tran +86 14243

  VIX -.66 20.03

 

WTI -20 6544

Brent -34 6888

Gas -5 210

NG -12 248

HO -2 195

Eth unch 178

Gold +9 1729

Slvr +38 2629

 

2-yr +.002 0.153%

5-yr -.018 0.829%

10yr -.028 1.607%

30yr -.042 2.359%

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