Corn Jly +10 719 (705-22); Dec +21 625 (605-28)

Bean Jly +27 1569 (1543-71); Nov +26 1409 (1383-1417)

  Meal Jly +3 427 (424-30); Dec +2 407

  Oil Jly +89 6435; Dec +180 5764

Wheat Jly +9 753 (732-56); Dec +11 757

  KC Jly +10 727; MGE +9 791

Oats +2 419

Rice -21 1420

 

LC Jun +105 11547; Aug +75 11847; Oct +37 12347

FC May -100 13047; Aug -182 14340; Oct -195 14747

LH May +2 11140; Jly +17 11465; Oct -17 9170

Milk May -26 1889; Jun -75 limit 1901

CBOT futures continue to march higher as the bull run isn’t finding any fences to hold it back. There’s no end in sight to the Brazil drought and the U.S. has its own areas of the Corn Belt and spring wheat country with dry soils and no significant rain forecast. While cash basis levels remain strong for corn and soybeans, traders are unwinding their bull spreads in corn. This has lead to a big surge in new-crop corn futures this week. The July-December corn spread reached over $1.16 on Monday and Tuesday, but closed tonight at 93 cents. December corn is gaining relatively on November Soybeans as farmers make any late decisions on which to plant. Corn futures traded new contract highs, as did MGEX spring wheat. New-crop soybeans and soybean oil futures hit new contract highs. KC and Chicago wheat made contract high closes but did not exceed last week’s highs. Keep a close eye on extended forecasts that would significantly improve soil moisture in the dry areas.

Live cattle closed higher while feeder futures finished in the red. LC were supported by rising boxed beef values and the June LC contract’s discount to the relatively flat cash market. Choice beef gained 1.59 to 306.37 and Select rose 3.18 to 289.36 on moderate movement. Negotiated cash trade was light again today with prices just hanging around the $118-119 area. This morning’s report on weekly beef export sales/shipments was not impressive, but not terrible. Feeder cattle closed lower but well off the day’s lows. FC was pressured by the rising corn market.

Lean hog futures closed mostly higher but little changed. LH continues to be supported by strong pork demand and higher pork cutouts. The weekly pork export sales of 48,200 MT was up 36% from last week with Mexico and China the top buyers. Actual pork shipments were also strong at 37,100 MT. FOB Plant Pork ended up 1.95 at 113.86, short of the morning quote of 114.63. Loin value rose 3% to 103.98. Hams rose 2.5% to 96.52. Pork movement was light.

US$ -.4% 90.88

Dow +319 34549

SP +34 4202

NAS +50 13633

Tran +85 15724

  VIX -.93 18.22

 

WTI -92 6471

Brent -87 6809

Gas -4 211

NG -1 293

HO -1 199

Eth unch 234

Gold +31 1816

Slvr +95 2748

 

2-yr -.004 0.155%

5-yr -.005 0.798%

10yr -.016 1.568%

30yr -.015 2.243%

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