Corn and soybean futures closed moderately lower in response to a bearish USDA Crop Production Report. USDA’s estimated yields and production increased from last month’s estimates – but traders expected to see lower yield and production estimates. Futures collapsed soon as the report was released at 11 am CT, and then worked on shrinking the losses by the time the market closed at 1:15 pm CT. Wheat futures closed higher thanks to corn/bean’s bounce off the lows and a slight trimming of the world wheat ending stocks for 16/17 and 17/18.

Cattle futures closed lower on profit-taking as October LC futures were a couple dollars above recent cash trades. Lower boxed beef values also pressured futures. Choice 1-3 600-900 lbs carcasses dn 0.77 at 190.79; Select 1-3 600-900 lbs carcasses up 0.48 at 190.86. 

Lean Hog futures closed sharply lower with the October LH contract hardest hit, setting a new low for this move – a price not seen in over 11 months. With October LH futures at a sharp discount to the cash market, traders are expecting the cash market to continue weakening as marketings increase.  At midday, FOB Plant Pork dropped 1.74 to 80.34 with a 6% loss in pork belly value and 5% drop in picnics.  

Corn Dec -6  351; Mar -6 364

Bean Nov -9 950; Jan -9 961; Mar -9 969

  Meal -4 297

  Oil +5 3493

Wheat Dec +7 442; July +5 489

  KC +7 442; MGE unch 642

Oats unch 234

Rice +29 1295

LC Oct -92 10627; Dec -132 11155; Apr -87 11742

FC Sep -47 14797; Nov -5 14925; Jan -45 14612

LH Oct -212 5945; Dec -152 5710; Feb -95 6272

Milk Sep +14 1636; Oct +31 1611

US$ unch

Dow +61 22119

SP +8 2496 – new record HIGH

NAS +22 6454 – new record HIGH

Tran +61 9545

  VIX -.11 10.62

WTI +16 4823

Brent +44 5428

Gas +2 166

NG +5 300

HO unch 174

Eth +1 155

Gold -3 1333

Slvr -1 1780

 

2-yr +.020 1.339%

5-yr +.045 1.747%

10yr +.042 2.167%

30yr +.031 2.770%

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