Corn May -9 549 (547-59); Jly -7 531; Dec -3 468 (465-71)

Bean May +1 1417 (1405-24); Jly +1 1404; Nov -4 1216 (1210-21)

  Meal May -11 397 (395-409)

  Oil +250 limit 5637

Wheat May unch 627; Jly unch 619 (613-22); Dec -1 625

  KC -7 578; MGE -1 626

Oats +2 368

Rice +7 1321

 

LC Apr +37 11877; Jun +25 11892; Aug +35 11812

FC Mar +40 13507; May +42 14510; Aug +27 15520

LH Apr +80 9505; Jun -112 9947; Aug -47 9835

Milk Apr -17 1685; May -19 1759

CBOT futures closed very mixed with soybean meal and soybean oil moving in opposite directions in a big way – May soyoil up the daily limit. Meal was the sell side of the oil/meal spread with soybean oil supported by rising global palm oil prices. Corn futures were bear spread, unwinding some of the old-crop premium recently built into prices. With the funds holding huge longs in corn and soybean futures, there’s always risk of something igniting a sell-off. Today the U.S. put sanctions on two Chinese officials, so U.S.-China relations must be monitored daily.

Cattle futures managed slightly higher closes following last Friday’s Cattle on Feed Report which was considered relatively neutral. After weeks of steady cash fed cattle prices, feedlots are hoping this is finally their week to see an improving market. Choice beef gained .96 to 230.95 and Select jumped 3.10 to 223.05. Beef movement was a low 83 loads. Negotiated cash trade was not established. Last week’s prices were $114-115 live and $180-182 dressed.

Lean hog futures closed mixed, ranging from up 80 in the April to down 112 in June. However, LH futures recovered strongly from the day’s lows which were set in the opening 10 minutes of trade. Traders will prepare for Thursday’s Quarterly Hogs and Pigs Report. FOB Plant Pork ended the day at 103.26, up .27 – far short of the morning quote of 106.38. Big early gains in the values of hams, bellies and picnics faded by the afternoon.

US$ steady 91.79

Dow +103 32731

SP +27 3941

NAS +162 13378

Tran -14 14169

  VIX -2.07 18.88

 

WTI +12 6156

Brent -30 6423

Gas +2 196

NG +5 258

HO +1 183

Eth unch 177

Gold -4 1738

Slvr -55 2577

 

2-yr  unch 0.151%

5-yr -.018 0.864%

10yr -.036 1.696%

30yr -.050 2.401%

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