CBOT futures closed lower to sharply lower (wheat, corn) as traders locked in profits ahead of tomorrow’s key USDA reports. Futures headed lower when trade opened at 830 am and just kept dropping and finished near the day’s lows. Also pressuring wheat futures was the extended forecast for rain in the southern Plains. A big jump in ethanol inventories weighed on corn futures.

Livestock futures fell off the ledge after 9 am this morning and closed sharply lower. Appears the weakness in boxed beef markets caused traders with long positions to give up. Then big losses triggered additional selling on technical considerations. Choice 1-3 600-900 lbs carcasses dn 3.19 at 221.87; Select 1-3 600-900 lbs carcasses dn 4.16 at 212.68

Lean Hog futures closed much lower even as the pork market strengthened. FOB Plant Pork closed up 1.27 at 77.59, which is higher than 76.84 at midday. Hogs were pressured by the huge losses in the cattle market.

Corn May -6 367; Jly -6 371; Dec -5 384 Bean May -7 909; Jly -6 916; Nov -5 923 Meal -1 272 Oil -26 3379 Wheat May -13 464; Jly -12 471 KC -16 466; MGE -7 515 Oats -4 185 Rice -3 1003

LC Apr -250 13235; Jun -245 12307; Oct -222 11850 FC Apr -350 15257; Aug -412 15057; Oct -395 14730 LH Apr -132 6892; Jun -137 8155; Oct -100 6927 Milk Apr -7 1373; May +11 1382

 

US$ -.4% Dow +84 17717 SP +9 2064 NAS +23 4869 Tran +14 7965 VIX -.26 13.56

WTI +1 3829 Brent +8 3922 Gas -2 143 NG +5 190 HO +1 116 Eth +1 146 Gold -11 1225 Slvr -1 1522

2-yr -.035 0.761% 5-yr -.017 1.261% 10yr +.014 1.826% 30yr +.046 2.657%