Corn Jly +13 788 (775-90); Dec +17 736 (719-36)

Bean Jly +14 1607 (1587-1615); Nov +17 1472 (1453-79) 

  Meal Jly -4 398 (397-407); Dec -2 387 

  oil  Jly +241 8345 (8060-8352); Dec +230 7551

Wheat Jly +20 1113 (1094-1126); Dec +20 1122

  KC Jly +25 1200; MGE +42 1256 

Oats +4 603

Rice +9 1700 

 

LC Jun +117 13357; Aug +55 13465; Oct +55 14192

FC May -77 15815; Aug -185 17000; Oct -160 17602

LH May -15 10092; Jly -142 10155; Oct -102 8932 

Milk May +29 2495; Jun +34 2385 

CBOT futures closed strongly higher with spring wheat and soybean oil futures leading the way. Corn settled at/near the day's highs. Concern for planting delays supported the wheat complex (led by MGEX) as well as corn and soybeans. The sharp rally in energy futures added support.  A dry forecast for Brazil's safrinha corn crop will lower the final corn production estimate.  USDA will release its monthly U.S. and world supply-demand forecasts tomorrow at noon EDT. 

Live cattle futures closed higher while feeders lost ground due to the CBOT rally.  LC managed to close higher despite a steady cash fed market and boxed beef market. June LC's sharp discount to cash should limit futures losses but also doesn't bode well for the fed cattle market. USDA reported negotiated cash trade at steady prices -- $140/cwt in KS/TX; $144/cwt & $230/cwt in Nebraska.  Choice beef slipped .16 to 255.08 and Select fell .17 to 242.18 with beef movement at a strong 185 loads. 

Lean hog futures closed lower for the third or fourth day out of the past four depending on the contract. LH has been sliding lower for the past three weeks on weakness in the hog and pork markets.  FOB Plant Pork ended down .70 at 99.49 with pork movement of 262 loads. Technically, the charts appear to have 'head-and-shoulders' tops that may project June/July futures down to $95 or less. It depends on where you draw the "neckline". 

US$ +.1% 104.01 

Dow -327 31834

SP -66 3935

NAS -373 11364

Tran -171 14291

  VIX -.50 32.49 

 

WTI +554 10399

Brent +510 10756

Gas +14 368

NG +27 765

HO +2 395

Gold +11 1852

Slvr +13 2155 

2-yr +.024 2.647%
5-yr -.020 2.898%

10yr -.068 2.925%

30yr -.084 3.045%

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