CBOT futures traded wide ranges today but closed strongly near the day’s highs. Futures opened steady to higher Monday evening, slid lower overnight, then rose strongly when trading reopened at 830 am CST. Prices were supported by export demand for corn and soybeans and technical buying ahead of Thursday’s WASDE report. Spec funds reportedly were buyers of all 3 major contracts.   Old-crop corn contracts closed above the 200-day moving averages, while old-crop soybeans topped out today at the 20-day MA’s (the 200-day MA’s are well below current prices). Corn futures are testing key chart resistance at the January-February highs. Chicago wheat futures closed strongly higher thanks to aggressive short-covering in the last 10 minutes of trading.

Cattle futures closed moderately higher with the nearby February LC contract performing the best. The February and April LC contracts almost closed the downside price gap created January 30. Given weakness in the boxed beef market, today’s strength was attributed to technical buying. Choice dropped 1.27 to 189.96 and Select fell 2.87 to 187.78. Traders will watch for the results of tomorrow’s online Fed Cattle Exchange to define the cash cattle market. https://www.fedcattleexchange.com/

Following through on Monday’s strong market, Lean Hog futures gapped higher at the open and closed strongly higher on buying encouraged by a higher midday pork market and technical buying.  Good packer margins imply the nearby hog market will remain firm. FOB Plant Pork lost .25 to 85.38, after being up .92 at midday.

Corn Mar +5 368; Jly +5 383; Dec +4 396 (391-96)

Bean Mar +7 1043; Jly +6 1061; Nov +2 1019 (1012-21)

  Meal +3 336

  Oil -14 3430

Wheat Mar +8 431; Jly +6 455 (446-55)

  KC +4 439; MGE unch 555

Oats -4 257

Rice -6 942

 

LC Feb +125 11767; Jun +75 10657; Aug +85 10235

FC Mar +70 12422; May +92 12347; Aug +102 12487

LH Feb +102 7237; Apr +95 7217; Jun +80 7990

Milk Feb +1 1680; Mar -10 1682

 

US$ +.5%   100.41

Dow +38 20090    Dow and NAS hit record highs today.

SP +1 2293

NAS +11 5674

Tran -18 9213

  VIX -.04 11.33

 

WTI-84 5217

Brent -112 5460

Gas -2 149

NG +8 313

HO -1 162

Eth +3 157

Gold +4 1236

Slvr +6 1776

 

2-yr +.012 1.169%

5-yr -.004 1.850%

10yr -.016 2.397%

30yr -.024 3.024%

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