CBOT futures closed lower with sharp losses in soybean and soybean meal futures.  Although the USDA crop condition ratings appeared to be in line with the average expectation of traders, there must have been many who looked for the crop to have deteriorated more significantly.  Tuesday’s weak performance encouraged selling today given a lack of bullish news. In the soy complex, watch for support at the bottom of price gaps created last week.

Private yield and production estimates are being released.  So far, the average is still holding close to last month’s USDA corn number of 154.4 bu/acre, but the soybean average is about 1.5 bushel below USDA’s 42.6 bu/acre.   USDA’s update is on September 12.

Wheat futures made a sharp rally in the final minutes to put the closes near unchanged. This creates a little breathing room above key chart support.

Cattle futures closed slightly lower on little market news. October LC continues the downtrend began two weeks ago. Boxed beef values climbed marginally.

Lean Hog futures closed strongly higher with the nearby OCTOBER contract setting a new contract high.  Lower receipts and slaughter weights were supportive factors.

Outside markets were a bearish influence today as energy and precious metals were lower.  Treasury yields moved sharply higher especially on the short end. Corn Dec -6 469.5; Mar -5 482; Dec14 -3 508 Bean Nov -34 1352; Mar -26 1332; Nov14 -15 1197 Meal Oct -15 428; Mar -12 413 Oil -27 4363

Wheat Dec -1 646; JLY +1 661 KC -1 698; MGE -3 722

Oats -2 328 Rice -10 1568

LC Oct -20 12600; Feb -7 13150; Apr -12 13280 FC Sep -15 15702; Nov unch 15990; Jan +5 15865 LH Oct +112 8912; Dec +87 8585; Feb +60 8747 Milk Sep +15 1794; Oct +6 1818

US$ -.2%

Dow +97 14930 SP +13 1653 NAS +36 3649 Tran +73 6344 WTI -124 10730

Brent -80 11488 Gas -1 286 NG +1 367 HO -2 313 Eth unch 248

Gold -21 1391 Slvr -91 2347

April 4, 2013 yields in ( ).  2-yr +.05 0.47%  (0.23) 5-yr +.06 1.75%  (0.70) 10yr +.04 2.90%  (1.74) 30yr +.01 3.80%  (2.91) 

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