Corn Mar +3 426 (422-27); May +2 429; Dec +3 411

Bean Jan +15 1168 (1152-71); Mar +15 1170; Nov +9 1040

  Meal Jan +4 390 (385-91)

  Oil +81 3773

Wheat Mar -4 584; Jly -2 587 (583-92)

  KC Mar -4 550; MGE -2 553

Oats Mar +4 301

Rice -12 1232

 

LC Dec -110 10960; Feb -135 11257; Apr -87 11630

FC Jan -200 13980; Mar -165 13932; May -122 14155

LH Dec -32 6602; Feb -95 6692; Apr -40 7047

Milk Dec +30 1549; Jan +37 1601; Feb +35 1659

Corn and soybean futures closed higher despite no positive export sales announcements this morning. Not only were the weekly sales totals disappointing (soybeans had a marketing year low), there were no daily sales announcements – despite trade rumors yesterday that China was in the market. Maybe the sales will show up tomorrow morning. Today’s rally looked to be some bargain hunting after futures had slid significantly Monday and Tuesday.

Cattle futures closed lower across the board with bigger losses in the more nearby contracts. Cattle were pressured by a weakening boxed beef market and signs that fed cattle will also end the week lower. Choice beef slid 1.70 to 239.19 and Select dropped 3.02 to 219.93.  The CH/SEL spread is 19.26. Negotiated cash trade has been light at steady to weaker prices.

Lean hog futures closed lower and near the day’s lows. This comes after LH peaked on Tuesday and pork cutout values have been volatile and trending downward. FOB Plant Pork closed down 3.41 at 76.45, compared to 80.42 in the morning. The loss came from sharp drops in the ham, butt and belly values, offset by gains in the loin, picnic and rib values. Pork movement was heavy again. The weekly pork export sales total was 31.3 MMT, up 66% from last week, but down 6% from the prior 4-week moving average.

US$ -.4% 90.68

Dow +86 29970

SP -2 3667

NAS +28 12377

Tran +40 12587

VIX +.11 21.28

 

WTI +.33 4577

Brent +52 4877

Gas +2 126

NG -27 251

HO +2 139

Eth -2 132

Gold +15 1845

Slvr +11 2419

 

2-yr -.011 0.153%

5-yr -.025 0.396%

10yr -.035 0.911%

30yr -.048 1.656%

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

 

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