CBOT futures closed higher, bouncing back a little from yesterday’s sharp losses related to USDA’s Crop Report. Traders and analysts are questioning USDA’s forecasts and expect future estimates will be smaller. Private crop tours this month will be closely watched for more-current forecasts.

Since the spec funds have such large long corn and soybean positions, their trading choices will be important. Also China’s soybean buying activity and economy will be in focus after their currency devaluation this week. August soybean/meal/oil contracts expire tomorrow.

Cattle futures closed mostly higher on ideas the cash market will strengthen this week, supported by mostly higher boxed beef values. Choice carcasses were up 1.07 at 245.09; Select down 0.32 at 235.13.

Lean Hog futures closed higher in the first few contracts, adding to yesterday’s gains. Support came from the pork market, but after being up 1.16 at midday, FOB Plant Pork ended down .66 to 89.42 as the belly value dropped. Belly value may begin to slide as the BLT Sandwich season ends.

Corn Sep +6 364; Dec +7 375; Dec16 +9 399 Bean Sep +18 936; Nov +17 927; Nov16 +21 907 Meal +7 331 Oil -11 2899 Wheat Sep +11 503; Jly +10 522 KC +10 485; MGE +9 518 Oats +1 228 Rice +19 1190

LC Aug +15 14885; Dec +67 14947; Feb +15 14865 FC Aug +15 21402; Oct +30 20832; Jan -20 19985 LH Aug +77 7862; Oct +167 6505; Dec +112 6122 Milk Aug -1 1643; Sep -8 1655

 

US$ +.1% Dow +6 17408 SP -3 2083 NAS -11 5034 Tran -11 8265 VIX -.12 13.49

WTI -106 4224 Crude oil hit 6-year lows. Brent -43 4923 Gas -5 172 Cash Gas prices are up sharply in the Midwest due to a partial refinery shutdown in northern Indiana. Louisville is mostly 2.49-2.99.

NG -12 281 HO -1 157 Gold -8 1115 Slvr -8 1539

2-yr +.052 0.709% 5-yr +.072 1.576% 10yr +.059 2.189% 30yr +.038 2.857%