CBOT futures closed lower with wheat and soybeans closing near the day’s lows. Corn traded narrow ranges while soybean futures dropped to new lows for this down move that started in February. Traders prepared for tomorrow’s USDA reports. The average trade estimate is 91 million acres of corn and 88.2 million acres of soybeans. Quarterly grain stocks will also be reported.

Cattle futures closed moderately lower with the trend returning downward after yesterday’s one-day bounce. Futures opened lower and never traded above yesterday’s closes all day. Futures were weighed by continued weakness in boxed beef values and signs of weaker cash cattle markets. Choice beef ended down 1.71 at 215.21; Select down 2.21 at 208.05.

Lean Hog futures closed higher on short-covering ahead of this afternoon’s Hogs and Pigs Report. The report confirmed the trade’s expectations of a large increase in the market hog inventory of 4.2%. The breeding herd is 101.5% of year-ago. June-August farrowing intentions are forecast at 99.6% which is two points lower than the trade expected.  FOB Plant Pork dropped 1.04 to 75.18 as every primal cut lost value.

Corn May -1 357; Jly -1 365; Dec -1 381 (380-82)

Bean May -6 963; Jly -6 973; Nov -5 963 (961-69)

  Meal -1 315

  Oil -20 3201

Wheat May -4 421; Jly -4 434 (432-39)

   July KC -6 430; MGE unch 549

Oats -4 227

Rice -2 984

 

LC Apr -135 12000; Aug -82 10672; Oct -67 10655

FC Apr -185 13255; Aug -200 13285; Oct -172 13112

LH Apr +32 6562; Jun +150 7425; Aug +105 7405

Milk Apr +14 1533; May +29 1592
 

US$ +.5%

Dow +69 20728

SP +7 2368

NAS +17 5914

Tran +76 9152

  VIX +.12 11.54

 

WTI +84 5035

Brent +51 5293

Gas +1 168

NG -4 319

HO +2 156

Eth +2 158

Gold -9 1245

Slvr -5 1821

 

2-yr +.012 1.290%

5-yr +.031 1.967%

10yr +.035 2.422%

30yr +.040 3.033%
 

The drought monitor shows several areas of improvement in the middle part of the U.S.      http://droughtmonitor.unl.edu/
 

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