Corn Jly +1 794 (789-804); Dec +1 736 (727-43)

Bean Jly +10 1640 (1622-44); Nov +8 1486 (1468-91)

  Meal Jly -6 418 (417-27); Dec -4 397 (394-404)

  Oil  Jly +215 8243 (7982-8273)

Wheat Jly +31 1076 (1042-89); Dec +29 1082

  KC Jly +30 1123; MGE +23 1178

Oats +6 679

Rice +6 1710

 

LC Jun -50 13482; Aug -25 13707; Oct -2 14450

FC May -15 16225; Aug -7 176200; Oct +37 18037

LH May +282 10260; Jly +320 10705; Oct +295 9240

Milk May +54 2475; Jun +42 2435; Jly +41 2414

 

CBOT futures closed mostly higher except for soybean meal which extended its ongoing downtrend to new lows. A sharp rally in energy futures was supportive while a planting-friendly forecast weighed on corn. Soybean futures benefitted from the sharp rise in soybean oil prices. Today’s price increase comes after two days of losses. Wheat price jumped around 3% as traders think that India might cut back on exports instead of increasing them as India had indicated (to make up for lost Ukrainian wheat exports). Weather in India has turned unfavorable for the wheat crop. Weekly export sales will be released in the morning.  A weaker US Dollar was supportive.

NWS May 10-14 Outlook is for above normal temperatures and below normal rainfall. The warm temps will last at least through May 18.
https://www.cpc.ncep.noaa.gov/products/predictions/610day/

 

Live and feeder cattle futures closed narrowly mixed, pausing after two days of gains. Beef and cattle markets were steady today. Choice beef rose .19 to 259.74 and Select gained .34 to 247.68. Beef movement was a little weak at 131 loads. USDA reported negotiated cash trading as moderate at mostly steady prices -- $140/cwt live in TX/KS, and in NE prices of $146/cwt live and $232/cwt dressed. Western Cornbelt traded $145-146 live and $230-232 dressed.

Lean hog futures closed sharply higher on short-covering corrective buying in an oversold market. The LH futures rally was not supported by the cash markets. FOB Plant Pork slid 1.02 to 105.56 with ham value down 3.61 to 90.46. Pork movement was strong at 310 loads.

 

US$ -.9% 102.52

** Stocks soared after Fed Chair Powell indicated that the FOMC isn’t considering a 0.75 rate increase next month. His comments seemed to calm traders’/investors’ concerns. This may just be a “relief rally”.

Dow +932 34061

SP +125 4300

NAS +401 12965

Tran +465 15533

  VIX -4.01  25.24

 

WTI +501 10591

Brent +501 10998

Gas +15 365

NG +42 837

HO +12 420

Gold +14 1884

Slvr +37 2304

 

2-yr -.126 2.644%

5-yr -.089 2.914%

10yr -.022 2.936%

30yr +.034 3.040%

The FOMC announced a 0.50 basis point increase in its key interest rate – as most analysts expected. The new target range is 0.75-1.00%. Financial markets indicate this rate could rise to 3.0-3.25% by year’s end.

The U.S. trade deficit in goods and services widened by 22.3% in March from the prior month to a seasonally adjusted RECORD $109.8 billion, according to the Commerce Department on Wednesday. Before Covid-19, the trade deficit had run for years between $40 billion and $50 billion a month. Imports rose 10.3% to $351.5 billion and exports rose 5.6% to $241.7 billion.
 

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