CBOT futures are trading mixed with wheat futures soaring on aggressive short-covering. Corn is supported and soybeans are weighed down by this morning’s INFORMA’s updated acreage estimates which suggest less corn and more soybean acres. The wheat rally was supported by recent weakness in the US dollar and new wheat export sales. Wheat importers may be getting nervous about the strengthening El Nino which could hurt Australian wheat production next summer (our winter). El Nino conditions should minimize crop stress in the US Corn Belt.

Cattle futures are up strongly as boxed beef values keep rising and charts look bullish. However, the June LC contract has resistance at 154.67, the early April high. Choice is up 1.35 at 264.52 and Select is up 2.38 at 251.49.

Lean Hog futures are down slightly with losses limited by the stronger pork product markets. FOB Plant Pork is up 1.41 at 83.91/cwt.

Corn Jly +4 366; Dec +5 383 Bean Jly -4 953; Nov -2 932 Meal Jly -1 301; Oct unch 295 Oil -13 3311 Wheat Jly +23 504 KC +23 543; MGE +17 569 Oats +7 243 Rice +11 956

LC Jun +177 15375; Oct +140 15315 FC May +45 21920; Aug +127 21890; LH Jun -5 8472; Oct -12 7375 Milk May -8 1624; Jun -27 1650

 

US$ steady Dow +.8% SP +.7% NAS +.9% Tran +.1% VIX -6% 12.93

WTI -1.5% Brent +.1% Gas -.2% NG +1.9% HO -.6% Eth +.8% Gold +.4% Slvr +1%

5-yr -.039 1.523% 10yr -.037 2.237% 30yr -.022 3.049%