Corn Jly +10 722 (703-32); Dec +2 611 (599-618)

Bean Jly +27 1615 (1573-1625); Nov +17 1431 (1397-1436)

  Meal Jly +5 447 (438-52); Dec +4 420

  Oil Jly +96 6480; Dec +89 5796

Wheat Jly +11 742 (723-49); Dec +8 743

   KC Jly +7 710; MGE +17 770

Oats -3 407

Rice -14 1407

 

LC Jun +40 11862; Aug +170 12205; Oct +160 12615

FC May -12 13532; Aug +15 14885; Oct +47 15175

LH May -42 11147; Jly -127 11142; Oct -80 9100

Milk May +3 1889; Jun +18 1900

In somewhat of a surprise, CBOT futures closed higher, recovering a good share of yesterday’s losses. The spec funds reversed course and were big buyers today, just one day ahead of Wednesday’s monthly WASDE report (supply-demand). Another big new-crop corn sale to China was supportive. The May/July/Aug/Sept soybean contracts made new contract highs and contract high closes. Nearby soybean futures haven’t been this high since Sept 2012 – the month the all-time high of $17.9475 was established. New-crop soybean meal also made new contract highs. Given the acreage intentions USDA reported in March, it won’t have much room to work with the 2021/22 soybean S&D sheet. Traders are expecting 2020/21 ending stocks at 117 million bushels and 2021/22 ending stocks at 138 million bushels – still very tight. At the same time, the average expectation for the world stocks situation is it will improve from 86.5 MMT this year to 88.1 MMT for the end of 2021/22.

Cattle futures closed higher with live cattle outperforming the feeders. However, feeder futures traded wide ranges having moved to the day’s lows early in the session as CBOT futures soared. But as corn futures came off the highs of the day around midday, feeders were able to claw back to near unchanged or a bit higher, supported by the higher LC futures. LC were supported by another day of strongly higher boxed beef values. Very light trade has occurred in fed cattle with prices possibly a dollar/cwt above last week at $120 live and $191 dressed. Choice beef closed up 3.26 at 312.37 and Select gained 2.58 to 296.34. Beef movement was an average 106 loads.

Lean hog futures closed lower with summer contracts leading the way. Today was the third down day which started with Friday’s disappointing close. Summer contracts are still above the chart gap created on May 3. With pork cutouts slipping a little, traders are cautious at these high futures prices. FOB Plant Pork ended down .63 at 113.16 compared to 113.71 in the morning. Pork movement was a modest 260 loads.

US$ -.1% 90.17

Dow -472 34270

SP -36 4152

NAS -12 13389

Tran -221 15708

  VIX +1.78 21.44

 

WTI +48 6540

Brent +31 6863

Gas unch 213

NG +2 295

HO +3 204

Eth unch 234

Gold unch 1838

Slvr +23 2772

2-yr +.006 0.159%

5-yr +.015 0.797%

10yr +.016 1.618%

30yr +.028 2.347%

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