CBOT futures closed with minimal changes after trading modest ranges. Corn and wheat closed at the high end of the range with strong buying in the final minutes. Huge corn and soybean crops are about to be harvested and world wheat supplies are record large. The 2-week forecast calls for above-normal temperatures, so crops should finish normally. Traders will be watching Thursday morning’s USDA Export Sales Report for signs of strong demand.

Live Cattle closed higher and near the day’s highs as prices trended up throughout the day. Midday boxed beef values were slightly higher on strong movement, but closed much lower. Choice dn 0.82 at 185.80; Select dn 0.98 at 180.32. LC futures were also supported by good packer margins.

The Lean Hog market turned even more ugly with sharp losses for the fourth straight day. Lower cash hog prices and technical selling with new contract lows pressured LH futures. Despite this bearishness, the pork market actually rose .56 to 82.01 on stronger belly and loin values.

Corn Dec +2 332 (326-32); Mar +2 342

Bean Nov -1 943 (940-48); Mar -1 951

  Meal unch 307

  Oil +2 3162

Wheat Dec +2 403; Jly +3 450 (440-50)

  KC +2 418; MGE unch 493

Oats +1 174

Rice +28 989

LC Oct +112 10580; Dec +55 10637; Apr +42 10537

FC Sep -70 13267; Oct -42 13012; Jan -52 12422

LH Oct -182 5492; Dec -145 4910; Apr -167 5870

Milk Sep -7 1640; Oct -8 1642

US$ -.2%

Dow -32 18035

SP -1 2126

NAS +19 5174

Tran -17 7755

  VIX +.29 18.14

 

WTI -132 4358

Brent -105 4605

Gas -1 136

NG -2 289

HO -4 138

Eth unch 150

Gold +2 1326

Slvr +9 1898

 

2-yr -.044 0.762%

5-yr -.044 1.210%

10yr -.035 1.699%

30yr -.021 2.449%

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