CBOT futures closed steady to strongly lower as there was no follow-through to Monday’s friendly/bullish price action. However, today’s price activity didn’t necessarily negate the positive price signals. Granted there are probably more negative factors than positive driving the market -- huge crops and ending stocks forecasts, bearish speculative funds, no threatening weather in South America, strengthening US Dollar on expectations of higher US interest rates, slow export sales and low energy prices, to name several. Improved crop condition ratings for U.S. wheat weighed on that market. Energy futures did rally today following Turkey shooting down the Russian jet fighter. Soybean oil futures continued its recent strength.

Cattle futures closed lower after an early morning rally failed to hold. Choice was up 1.02 at 203.81; Select up 1.19 at 192.24. However, beef cutouts lost several dollars last week. The shortened holiday week may limit interest in the market.

Lean Hog futures were lower at the 1 pm close after trading higher into late morning. Monday’s Cold Storage report was supportive for pork. FOB Plant Pork closed up 1.32 at 73.62 with stronger values for picnic, loin and butt. Technically, LH futures are maintaining a short-term uptrend. Monday’s highs are first level of resistance.

Corn Dec -3 364; Jly -3 380; Dec16 -3 392 Bean Jan unch 864; Jly unch 878; Nov -1 883 Meal -1 284 Oil +40 2831 Wheat Dec -11 484; Jly -8 497 KC -7 457; MGE -7 509 Oats +6 249 Rice +8 1219

LC Dec -192 13025; Apr -135 13310; Jun -130 12440 FC Jan -72 16467; Apr -45 16457; Aug -47 16642 LH Dec -22 5722; Feb -77 5750; Apr -50 6265 Milk Nov -1 1532; Dec -21 1447

 

US$ -.2% Dow +20 17812 SP +3 2089 NAS unch 5103 Tran -52 8175 VIX +.21 15.83 +1.3%

WTI +90 4265 Brent +111 4594 Gas +7 138 NG -2 219 HO +2 140 Eth +1 150 Gold +8 1075 Slvr +12 1415

2-yr -.015 0.930% 5-yr -.018 1.663% 10yr -.016 2.234% 30yr -.009 2.998%