Corn May -28 730 (727-57); Jly -26 697; Dec -21 630 (629-53)

Bean May -9 1649 (1645-81); Jly -10 1626; Nov -7 1460 (1450-85)

  Meal May -6 478 (476-90); Dec -3 424

  Oil  May -13 7355; Dec -2 6351

Wheat May -85 limit 1069 (1069-1159); Jly -85 limit 1042 (1042-1129) 
  ** $1.35 expanded limit tomorrow **

  KC May -85 limit 1072; MGE -60 limit 1050

Oats +3 665

Rice -31 1586

 

LC Apr -150 13935; Jun -127 13552; Aug -80 13650

FC Mar +90 15725; May -2 16727; Aug +45 18037

LH Apr -2 10237; Jun +40 12047; Aug -15 11747

Milk Mar -3 2234; Apr -53 2288; May -51 2336

 

CBOT futures closed lower to sharply lower with nearby wheat contracts down their respective daily limits. Wheat lead the way lower, pressured by increased rain chances in the Southern Plains and possible signs that Russia and Ukraine could find a solution to the war. Corn fell sharply under the weight of the collapse in wheat futures. Soybean futures had limited losses but still finished closer to the day’s lows than the highs.

Live cattle ended moderately lower and feeder cattle closed narrowly mixed. Live cattle futures were weighed down by a lack of cash trading and the downdraft seen at the CBOT and in other commodity prices. Feeder futures made small gains due to the sharp drop in corn futures. While the negotiated cash market has not been established, reports are that the packers are bidding even with last week’s market ($138/cwt) and feedlots are asking $140-142/cwt. Choice beef edged up .18 at 258.08 and Select gained 1.43 to 250.27. Beef movement was good at 123 loads.

Lean hog contracts through August were very narrowly mixed while deferred contracts posted bigger losses. FOB Plant Pork ended up .54 at 105.02, much below the morning quote of 108.53. Ham value went from up 13 early to down 1 late. Pork movement of 294 loads was somewhat disappointing.

US$ -.6% 98.34

Dow +519 34063

SP +95 4358

NAS +488 13437

Tran +854 16373

  VIX -3.0  26.83

 

WTI -120 9359

Brent -177 9814

Gas -1 299

NG +18 475

HO +7 310

Gold -20 1909

Slvr -45 2471
 

Today, the Federal Reserve raised its key interest rate by 0.25 point and indicated a large number of additional increases coming during 2022 and into 2023. Reversing part of the monetary easing could begin as soon as the next Fed meeting.

2-yr +.091 1.948%

5-yr +.074 2.188%

10yr +.032 2.192%

30yr -.040 2.463%

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