Corn Jly -10 793 (792-814); Dec -7 735 (731-49)

Bean Jly -15 1630 (1629-88); Nov -12 1478 (1476-1503)

  Meal Jly -7 424 (423-35); Dec -3 401

  Oil  Jly +19 8028; Dec -1 7305

Wheat Jly -10 1045 (1044-69); Dec -7 1053

  KC Jly -5 1093; MGE -12 1155

Oats +18 672

Rice -13 1703

 

LC Jun +12 13532; Aug +27 13732; Oct +47 14452

FC May +97 16240; Aug +220 17627; Oct +115 18000

LH May -10 9977; Jly -320 10385; Oct -187 8945

Milk May unch 2423; Jun -34 2390

CBOT futures closed mostly lower and near the lows of the day.  Corn and soybeans traded higher overnight and right after the 830 am opening on yesterday’s confirmation that U.S. planting progress remains behind normal due to the cool, wet weather. However, forecasts calling for a sizable planting window to open in the Corn Belt along with falling energy futures weighed on the market throughout the day. Corn traced out bearish price reversals on the daily chart. Also, significant rainfall has been received in previously droughty areas like NE/KS/OK, even into CO and TX. This may only be a short-term reprieve as the mid-May to mid-June outlook is for below normal rainfall. Meteorologists indicate the enduring LaNina enhances the drought risk in the Corn Belt. This warrants ongoing monitoring and analysis.

U.S. Crop Progress reported Monday by USDA NASS
Corn: 14% planted (33% 5-yr avg), 3% emerged (6% avg)
Soybeans: 8% planted (13% 5-yr avg)
Winter wheat: 27% rated good/excellent (27% last week)

 

 

Cattle futures closed higher in follow-through buying to Monday’s strong price increases. Weaker boxed beef and slumping hog futures limited gains. Choice beef fell 3.00 to 259.55 and Select slipped .89 to 247.34.  Beef movement was a strong 176 loads; this follows Monday’s very light 79 loads.

Beyond the nearby May LH, lean hog futures closed sharply lower, extending the 2-week collapse in LH futures. June/July LH haven’t been this low since January 19. The spec funds are liquidating on bearish technicals; however, LH are getting oversold and the premium to the LH Cash Index has been nearly wiped out, so a near-term low may be developing. FOB Plant Pork ended down 1.02 at 105.56 with 310 loads moved.

 

US$ -.10% 103.47

Dow +67 33129

SP +20 4175

NAS +28 12564

Tran +158 15069

  VIX  -3.10  29.24

 

WTI -252 10090

Brent -261 10497

Gas -1 350

NG +48 795

HO -12 408

Gold +7 1871

Slvr +8 22262
 

2-yr +.053 2.784%

5-yr +.017 3.027%

10yr -.017 2.979%

30yr -.043 3.018%

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