The CBOT was influenced today by a weaker US Dollar and wet weather in the western Corn Belt. Wet soils could trim corn acres and pad soybean acreage. Corn closed at/near the day’s highs. Today’s 6-10 and 8-14 day outlooks call for much-below normal temperatures in the center of the country with the western Corn Belt drier and OH,KY,TN,AR wetter than normal.

Cattle futures closed higher with support stemming from the June Live Cattle contract’s sharp discount to the cash market around $135. Today’s online Fed Cattle Exchange traded nearby cattle at $135.16/cwt, down more than $3.50 from last Wednesday’s market. Choice boxed beef lost 1.71 to 248.17 and Select dropped 2.46 to 221.93.

Lean Hog futures closed narrowly mixed. Support came from stronger pork values, a weaker US$ and good packer margins; pressure came from LH futures premium to the cash hog index. FOB Plant Pork cutout soared 2.18 to 87.26 with all cuts posting strong gains except for bellies which dropped .63.

Turmoil in the U.S. political arena caused traders to sell U.S. equities and the U.S. Dollar, while buying “safe” Treasuries, driving yields down sharply. The VIX, a measure of “fear”, soared 40% from historically low levels.

Corn Jly +4 371; Dec +3 389 (384-89)

Bean Jly unch 976; Nov unch 968 (964-71)

  Meal -2 315

  Oil +14 3315

Wheat Jly +3 427 (421-32); Dec +2 462

   KC +2 426; MGE +1 541

Oats +6 235

Rice +28 1091

LC Jun +55 12245; Oct +45 11557; Dec +47 11632

FC May +102 14197; Aug +2 14772; Oct +10 14675

LH Jun +17 7890; Aug -15 7867; Oct +12 6772

Milk Jun -10 1638; Jly -16 1682

US$ -.5%

Dow -373 20607

SP -44 2357

NAS -159 6011

Tran -279 8784

 VIX +4.31 14.96  +40%

 

WTI +41 4941

Brent +33 5198

Gas unch 160

NG -4 319

HO +2 153

Gold +22 1259

Slvr +16 1691
 

2-yr -.053 1.246%

5-yr -.099 1.751%

10yr -.104 2.223%

30yr -.085 2.906%

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