Corn Dec -6 420 (418-30); Mar -8 426; Dec21 -6 408

Beans Jan -23 1168 (1168-99); Mar -23 1169; Nov -15 1042

  Meal -5 393 (393-402)

  Oil -82 3788

Wheat Dec -16 580; Jly -18 588 (588-608)

  KC -16 546; MGE -16 534

Oats -4 285

Rice -12 1255

 

LC Dec -45 11017; Feb -37 11287; Apr -55 11640

FC Jan +122 14105; Mar +97 13997; May +62 14185

LH Dec +170 6757; Feb +132 6857; Apr +102 7140

Milk Nov +16 2327; Dec -19 1514; Jan -13 1589

CBOT futures closed sharply lower and at/near the day’s lows. Both corn and soybeans opened at/near contract highs on Sunday evening but headed south through the night. Futures were pressured by heavy fund selling as they booked profits at month’s end. Soybeans were weighed down by rains in South America and no daily export sale announcements. However, sizable corn export sales were announced as China definitely has a need for feed grains. Since the U.S. is struggling to ship soybeans on current export contracts, China may be buying time to see if prices can break before they add to their commitment. Wheat futures broke hard and are now at or below the low end of the November trading range. Competition from the Black Sea area is hanging over the market.

LC Dec -45 11017; Feb -37 11287; Apr -55 11640

FC Jan +122 14105; Mar +97 13997; May +62 14185

LH Dec +170 6757; Feb +132 6857; Apr +102 7140

Cattle futures closed mixed with Live Cattle down slightly and Feeder Cattle higher. Live Cattle slipped despite a friendly Cattle on Feed Report last week and ideas that cash fed prices will continue to strengthen. Choice gained .83 to 243.68 and Select rose 1.75 to 222.43. Movement was light. Feeder cattle prices were supported by sharply lower CBOT futures. Fed cattle trade is not established today. Last week, live prices were $110-111/cwt and carcass prices ranged $172-174/cwt.

Lean hog futures closed higher with the best gains in the nearby contracts. Hog futures were supported by a huge pop in the pork cutout. With that increase not holding into the afternoon, LH futures may be pressured Tuesday.  FOB Plant Pork closed only .13 higher at 80.09 compared to 88.13 at midday. Ham and belly values were much higher in the morning than in the afternoon.

 

US$ +.3% 92.04

Dow -272 29639

SP -17 3622

NAS -7 12199

Tran -111 12450

  VIX -.30 20.54

 

WTI -45 4508

Brent -59 4759

Gas -3 124

NG +9 293

HO -2 137

Eth unch 135

Gold -8 1780

Slvr +8 2272

 

2-yr -.005 0.149%

5-yr -.003 0.366%

10yr +.005 0.847%

30yr -.003 1.574%