CBOT futures are mixed with some reversal of Tuesday’s price direction. Corn is holding steady as prices sit near critical chart support. Wheat is lower, unwinding some of Tuesday’s rally that probably wasn’t warranted by the USDA reports. Soybeans are up slightly but downside risk is not far away. November Soybeans actually hit a new low mid-morning before turning positive. Focus remains on planting progress and weather forecasts. Traders are also watching bird flu spread to Nebraska and Indiana.

The falling US Dollar should be supportive to commodity prices but the impact in agriculture is muted compared to energy and metals.

Cattle futures are trading moderately higher on the stronger boxed beef markets. Choice beef is up 1.73 at 262.69 and Select is up 1.38 at 249.13. Live Cattle futures remain below Monday’s highs.

Lean Hog futures are mostly lower but with minimal price changes following Tuesday’s strong rally. Pork product markets are weaker. FOB Plant Pork is down .68 at 82.99 on weaker values for ham and picnics.

Corn Jly unch 356; Dec +1 377 Bean Jly +2 958; Nov +3 934 Meal unch 304 Oil -3 3294 Wheat Jly -4 476 KC -5 502; MGE -3 533 Oats -1 241 Rice -9 935

LC Jun +77 15225; Oct +95 15172 FC May +62 21832; Aug +62 21707 LH May +27 8157; Jun -35 8470 Milk May -3 1632; Jun -19 1679

 

US$ -1% Dow steady SP +.1% NAS +.2% Tran -1% VIX -.8% 13.75

WTI +1% Brent +1.8% Gas +1.2% NG +1.8% HO +1.4% Eth +.4% Gold +2% Slvr +3.8%

5-yr -.016 1.559% 10yr +.014 2.276% 30yr +.041 3.059%