Corn Jly -24 753 (747-77); Dec -18 711 (707-30)

Bean Jly -49 1683 (1674-1749); Nov -34 1509 (1506-60)

  Meal Jly -17 415 (411-36); Dec -13 402 (400-19)

  Oil Jly -165 7792 (7781-8049); Dec -44 7472

Wheat Jly -70 limit 1087 (1087-1157); Dec -66 1107

  KC Jly -70 1165; MGE -57 1247

Oats Sep -5 641

Rice +7 1754

 

LC Jun -165 13052; Aug -202 13037; Oct -190 13615

FC Aug -120 16512; Oct -112 17070; Jan -122 17287

LH Jun -242 10797; Aug -402 10642; Oct -172 9305 .

Milk Jun +3 2454; Jly +5 2465

 

CBOT futures closed sharply lower led the Chicago and KC wheat markets. Talk of Russia allowing a safe corridor for Ukraine to export its crops via the Black Sea weighed on the market. Corn and soybean futures fell in sympathy with wheat and also good planting progress over the 3-day weekend. Both corn and soybean planted acreage are only one percentage point behind the 5-year average. MN and ND are well behind normal in planting both corn and soybeans; the same is true for spring wheat. Weather forecasts suggest these states will not get any help catching up in planting. July Corn hasn’t been this low since April 8. Soybean futures made new contract highs overnight and then collapsed during the day session. This price action is bearish key price reversal; however, outside influences could negate this technical factor.

U.S Crop Progress
Corn is 86% planted vs 72% last week and 87% 5-yr avg.

Soybeans are 66% planted vs 50% last week and 67% 5-yr avg.

Winter Wheat Condition:
  29% good/excellent vs 28% week ago and 48% year ago.

  40% poor/v.poor vs 40% week ago and 19% year ago.

Spring Wheat is 73% planted vs 92% for 5-year average. MN and ND are the most behind normal.

Cattle futures closed sharply lower, pressured by the broad selloff in agricultural futures. Both LC and FC closed at/near the bottom of wide trading ranges. June LC moved to a fresh low since it peaked in February; June LC hasn’t been this low since early October. On the continuation chart, LC hasn’t been this low since the first week of November. With cash fed prices down nearly one percent last week, traders are concerned cash markets could weaken further. Today’s boxed beef strength might help stabilize the market tomorrow. Choice beef rose 2.12 to 267.54 and Select was up 2.15 at 248.65. Beef movement was strong at 144 loads. Negotiated cash trade has been too light for a trend.

Lean hog futures closed sharply lower with the July LH losing $4.025/cwt. Today’s selloff comes after the LH market had rallied strongly off the lows set two weeks ago. Pork values were strong early but fell off sharply by the afternoon. FOB Plant Pork ended down 1.97 at 106.16 after being up 3.52 in the morning report. Loin value went from up 9 to down 4. Pork movement was good at 283 loads.

 

US$ +.35% 101.77

Dow -223 32990

SP -26 4132

NAS -50 12081

Tran -143 14301

  VIX +.75 26.47

 

WTI -40 11467 – traded to $119.98 today after the EU plans to use less Russian oil.

Brent -200 11560 - high of $120.80 today.

Gas unch 392  - high of $4.05 today.
  AAA reported KY’s average gas price today at $4.306 versus the national average of $4.622.

 

NG -58 814

HO +3 393

Gold -9 1848

Slvr -41 2169

 

2-yr +.065 2.563%

5-yr +.085 2.821%

10yr +.101 2.850%

30yr +.080 3.056%

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