CBOT futures closed steady to sharply higher with the market led higher by July Soybean Meal and soybean futures. Soybean meal futures are being lifted by strong commercial demand for product. Traders are concerned that soybean production losses will be significant in Argentina due to excessive rainfall the last few weeks. Corn found good spillover support. Today’s rally took futures right up to chart resistance; will this prove to be a “double-top” or a breakout to higher prices?

Cattle futures closed mostly higher in a fairly narrow trading range day. Despite stronger boxed beef values at midday, cash cattle prices are down sharply from last week. Some $125/cwt trade was reported. Choice up 0.30 at 223.57; Select down 1.74 at 205.08.  At midday, Choice was up 1.56 and Select was up .35.

Lean Hog futures closed higher with late-day strength, supported by stronger pork values.  FOB Plant Pork jumped 1.80 to 85.03 with stronger values for loins, ribs and bellies.  At midday, it was up 1.08.  Buyers were likely encouraged by yesterday’s market stability.

Corn Jly +7 405; Dec +6 408 (hi 409)

Bean Jly +31 1085; Nov +25 1054 (Hi 1057)

  Meal +18 407

  Oil +45 3134

Wheat Jly +2 466 (hi 469); Dec +2 495

  KC +4 451; MGE unch 522

Oats +1 190

Rice -33 1123

 

LC Jun +15 11815; Oct +27 11320; Dec +10 11385

FC May -52 14547; Aug +57 14267; Oct +107 14017

LH Jun +47 8015; Aug +50 7927; Oct +32 6732

Milk May unch 1282; Jun +8 126

US$ -.2%

Dow +145 17852

SP +14 2091

NAS +34 4895

Tran +63 7744

  VIX -.52  13.90  -3.6%

 

WTI +94 4956

Brent +127 4988

Gas -1 164

NG +1 199

HO +2 151

Eth +2 164

Gold -5 1224

Slvr +1 1626

 

2-yr +.002 0.926%

5-yr +.012 1.408%

10yr +.013 1.872%

30yr +.026 2.668%

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