Corn Mar +3 424 (414-25); Jly +2 427; Dec +1 408

Bean Jan -9 1153 (1142-64); Mar -8 1155; Nov -5 1031

  Meal Jan -5 386 (381-91)

  Oil -9 3692

Wheat Mar +11 588; Jly +9 590 (579-93)

  KC Mar +15 554; MGE +7 556

Oats Mar +5 296

Rice -8 1245

 

LC Dec +7 11070; Feb +75 11392; Apr +35 11717

FC Jan +15 14180; Mar +32 14097; May +10 14277

LH Dec -62 6635; Feb -87 6787; Apr -50 7087

Milk Dec -3 1521; Jan -26 1562

CBOT futures closed mixed and far above the day’s lows which posted overnight. Those overnight losses stemmed from follow-through selling to Monday and Tuesday’s market losses. It just appears the funds quit selling and the market corrected higher. Wheat posted larger gains because the losses have been more severe there over the four previous trading days. Soybeans ended mid-range with modest losses as rain continues to fall in areas of South America and China is not visibly buying U.S. soybeans. Granted there are plenty of contracts and vessels to be filled before new sales would be needed. Wheat still has to face the world supply-demand fundamentals which are very comfortable with the U.S. not getting much of the business.

Cattle futures closed slightly higher and toward the upper end of the day’s trading range. Cattle were under early pressure, setting the day’s lows soon after the opening. Futures climbed out of the red zone the rest of the day, supported by a pick up in cash cattle trade. Choice beef fell 2.51 to 240.89 and Select slipped .13 to 222.95. Negotiated trade has picked up at unevenly steady prices. Live prices ranged $110-112 and dressed prices averaged $172-173.

Lean hog futures closed lower and near the day’s lows. LH was pressured by Tuesday’s weaker pork market and rising hog numbers and average weights at the plant. FOB Plant Pork closed up 2.78 at 79.86, compared to 81.16 in the morning report. Ham value soared 18.96 to 92.79 and belly value rose 3.62 to 100.90. Offsetting part of the gains were sharp drops in values of the other four primal cuts. Pork movement was moderate.

US$ -.2% 91.01

Dow +60 29884

SP +7 3669

NAS -6 12349

Tran +53 12547

  VIX +.40 21.17

 

WTI +41 4496

Brent -59 4759

Gas +2 124

NG -12 276

HO +1 136

Eth -4 131

Gold +15 1834

Slvr +13 2422

 

2-yr -.012 0.162%

5-yr -.011 0.416%

10yr +.004 0.938%

30yr +.014 1.690%
 

USDA Announces Implementation of Improvements to Prevented Planting Coverage and the Beginning and Veteran Farmer and Rancher Program

https://www.rma.usda.gov/News-Room/Press/Press-Releases/2020-News/USDA-Announces-Implementation-of-Improvements-to-Prevented-Planting-Coverage