Corn Jly +17 697 (676-704); Dec +17 580 (561-83)

Bean Jly +14 1538 (1519-53); Nov +18 1363 (1341-69)

  Meal Jly +6 421 (414-24); Dec +5 402

   Oil Jly +52 6358; Dec +119 5450

Wheat Jly +9 727 (716-33); Dec +8 728

  KC Jly +11 699; MGE +9 768

Oats +2 410

Rice +39 1413

 

LC Jun -227 11302; Aug -172 11662; Oct -120 12175

FC May -330 12975; Aug -362 14317; Oct -345 14770

LH May +45 11115; Jly +135 11342; Oct +77 9082

Milk May +2 1906; Jun +1 1980

CBOT futures closed sharply higher led by old-crop corn futures. Traders are focused on the drought (no end in sight) in Brazil’s safrinha corn area along with exceptionally strong cash basis levels in the U.S. July corn set a new contract high and high close, while December corn just posted a contract-high close. December corn is up $1.30/bushel since March 31. Corn was also supported by rising crude oil price and positive news on ethanol production and exports. Nearby ethanol hasn’t been this high since April 2014. China received over a third of the U.S. March exports. Wheat futures partially recovered from Monday’s losses, supported by the corn market and drought concerns in some wheat areas, especially for spring wheat.

Cattle futures closed sharply lower with feeders magnifying the loss in LC due to corn’s huge rally. The funds have a sizable long position in LC and are apparently tiring of waiting for cash prices to follow boxed beef upwards. June LC is now at a sharp discount to the cash fed market, so hopefully LC futures rebound tomorrow. Choice beef gained 1.92 to 301.22 and Select rose .12 to 283.91. Movement was strong. Negotiated cash trade remains light with prices still weaker than last week. Prices reported range $117-119 live and $187-190 dressed.

In contrast to cattle, the lean hog market closed higher across the board with summer contracts leading the way. Traders remain bullish, supported by strongly higher cash hog price today. FOB Plant Pork ended down .48 to 111.18, compared to 111.62 in the morning. Belly value rose 3.60 to 159.34 and ham value dropped 5.01 to 93.41. Pork movement was very heavy at 428 loads.

US$ +.3% 91.27

Dow +20 34133

SP -28 4165

NAS -262 13633

Tran +6 15625

  VIX +1.17 19.48

 

WTI +164 6613

Brent +179 6935

Gas +6 217

NG +1 298

HO +6 201

Eth unch 234

Gold -13 1779

Slvr -36 2659

 

2-yr unch  0.160%

5-yr -.014 0.816%

10yr -.022 1.584%

30yr -.037 2.252%

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