CBOT futures closed steady in soybeans to lower in corn and wheat.  Futures moved sideways overnight, then dropped sharply when markets opened at 830 am. While soybeans and wheat made some recovery off the lows, corn futures sold off in the final minutes of trading. Corn harvest was only 54% complete as of Sunday, 18 points behind average. KC and Chicago wheat futures closed at new contract lows.

Cattle futures closed sharply higher and near the day’s highs. Futures were supported by the bullish momentum from yesterday’s big price gains and last Friday’s surge in cash fed cattle prices (reportedly trading as high as $119/cwt). Futures were also boosted by stronger boxed beef values. Choice up 3.12 at 206.44; Select up 0.26 at 193.90.  Choice is up $6/cwt since last Tuesday.

Lean Hog futures closed higher with the nearby December and February contracts soaring. Futures were supported by a higher pork cutout and speculative buying. Spillover support from the cattle market also helped. FOB Plant Pork edged down .03 to 78.54. This is much weaker than the midday quote of 79.45.

Corn Dec -3 346 (345-49); Mar -3 359

Bean Nov +1 974 (971-77); Mar unch 995

  Meal unch 312

  Oil +7 3475

Wheat Dec -6 418; Jly -7 464 (461-72)

  KC -5 416; MGE -6 613

Oats +1 265

Rice -16 1129

 

LC Oct +92 12050; Dec +222 12562; Apr +172 12757

FC Nov +110 15942; Jan +222 15957; Apr +182 15580

LH Dec +282 6800; Feb +195 7300; Apr +30 7490

Milk Nov +6 1660; Dec -8 1592

 

US$ +.1%

Dow +28 23377

SP +2 2575

NAS +29 6728

Tran -44 9758

  VIX -.32 10.18  -3%

 

WTI +50 5466

Brent +42 6132

Gas +1 178

NG -14 275

HO +1 188

Eth unch 143

Gold -6 1272

Slvr -14 1671

 

2-yr +.024 1.604%

5-yr +.020 2.017%

10yr +.011 2.381%

30yr -.001 2.879%

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