CBOT futures closed little changed on the day after trading both sides. The USDA report’s effect has mostly run its course and now traders are watching weather forecasts, planting progress, and the US$ value. The large spec funds can move the markets if they push hard in one direction. The specs are record short wheat futures and have a good-sized corn short. Producers need something to spark a short-covering rally. Corn and wheat futures finished close to the day’s highs.

Cattle futures closed higher on strength in the boxed beef market as retailers load up for the Memorial Day weekend. Let’s hope for favorable weather for grilling. Today, Choice carcasses ended up 2.21 at 263.17; Select up 1.36 at 249.11.

Lean Hog futures closed mixed nearby and lower in the deferreds. Weakness in today’s pork values limited futures buying as futures remain near the highs of this move off the March lows. The May LH contract will expire tomorrow after rising over $16.00/cwt since March 25.

The crude oil market traded wildly today. It peaked this morning and then ended today about $1.80 below that high; the price is back to Tuesday morning’s levels.

Corn Jly +1 362; Dec +2 378 Bean Jly +2 957; Nov +4 934 Meal Jly -1 302; Oct unch 296 Oil +27 3324 Wheat Jly +1 481; Dec unch 504 KC +2 509; MGE +3 540 Oats -7 236 Rice unch 944

LC Jun +50 15197; Oct +97 15175; Dec +117 15290 FC May +112 21882; Aug +112 21757; Oct +105 21570 LH May +7 8137; Jun -27 8477; Oct -37 7387 Milk May -3 1632; Jun -21 1677

 

US$ -1% Dow -8 18060 SP -1 2098 NAS +5 4982 Tran -90 8560 VIX -.10 13.76

WTI -67 6008 Brent -34 6652 Gas unch 203 NG +4 293 HO unch 200 Eth +1 164 Gold +22 1215 Slvr +57 1708

2-yr -.024 0.580% 5-yr -.003 1.572% 10yr +.033 2.294% 30yr +.067 3.085%