CBOT futures closed slightly lower as yesterday’s USDA Report-based bullish enthusiasm waned and some profit-taking kicked in. If the big funds aren’t buying, others may not be interested in buying at these “lofty” levels (compared to where we were weeks ago). We need to watch how aggressively China buys soybeans and products, and if South American production estimates drop more from the weather impact. KC Wheat moved to a new contract low price. Corn futures are trading below key moving average resistance. Traders will also watch to see if recent wet weather slows down the corn planting pace and leads to more soybean acres.

Cattle futures closed lower after trading higher most of the morning.  Closing LC and FC prices were near the day’s lows.  Selling hit the market despite a very strong boxed beef market and no sign that the cash cattle market will be lower than last Friday. Choice gained 3.01 to 213.71 and Select rose 3.50 to 202.99. 

Lean Hog futures closed sharply higher except for the expiring May LH contract (which is already at a premium to cash hog price). Summer LH futures have erased nearly all of the March/April collapse. Traders are optimistic about prices as seasonality favors rising cash hog prices.  Pork markets didn’t move much today.  FOB Plant Pork edged up .32 to 83.07.

In outside markets, crude oil rallied to 6-month highs on a decline in inventories, and US equities fell over one percent due to disappointing earnings at some retailers (which raises worries on consumer spending overall).

Corn Jly -3 377; Dec -2 385 (382-90)

Bean Jly -6 1078; Nov -1 1066 (1058-75)

  Meal +2 362

  Oil -8 3336

Wheat Jly -2 459 (457-65); Dec -3 487

  KC -6 442; MGE -6 527

Oats -4 188

Rice +9 1149

 

LC Jun -45 12282; Oct -40 11865; Dec -42 11807

FC May -120 14900; Aug -105 14927; Oct -85 14682

LH May +17 7687; Jly +152 8320; Oct +117 7082

Milk May +5 1279; Jun +24 1276
 

US$ -.4%

Dow -217 17711

SP -20 2064

NAS -49 4761

Tran -122 7710

  VIX + 1.06  +7.8%

 

WTI +133 4599

Brent +178 4730

Gas +8 157

NG +1 217

HO +5 139

Eth unch 153

Gold +14 1279

Slvr +36 1745

 

2-yr +.008 0.734%

5-yr -.005 1.201%

10yr -.027 1.733%

30yr -.038 2.576%

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