Corn Mar -5 642 (639-63); Jly -5 635; Dec -4 585 (582-98)

Bean Mar -20 1574 (1565-1633); Jly -19 1571; Nov -5 1432 (1423-70)

  Meal Mar -8 454 (453-78); Dec -2 415 (414-31)

  Oil +41 6451

Wheat Mar -13 771 (766-802); Jly -11 775 (769-803);

  KC Mar -14 801; MGE -11 943

Oats Mar -16 756

Rice -29 1479

 

LC Feb -55 14235; Apr -95 14687; Jun -87 14160

FC Mar -155 16672; May -85 17587; Aug -100 18505

LH Feb -5 9017; Apr -135 10342; Jun -97 11352

Milk Feb +8 2074; Mar +2 2206

CBOT futures moved sharply higher early this morning but reversed mid-morning, then moved lower to post sizable closing losses. March corn and soybean meal traded 24-25 point ranges and March soybeans traded 68 cents from high to low. Chicago wheat traded 34-36 cents high to low. Corn, soybeans and soybean meal made new contract highs before reversing to close lower on the day. On the continuation chart, nearby soybean meal traded above the last high from January 2021. Market analysts credited profit-taking and long liquidation by the speculative funds for the sharp downturn. Disappointing weekly export sales for corn and wheat weighed on those markets. Soybean sales were strong. “Local” forecasts of South American soybean and corn crops are lower than USDA’s estimates in yesterday’s WASDE report.

Cattle futures closed lower after making new contract highs early in the session. Cattle seemed to follow the pattern at the CBOT with early strength followed by a sell-off due to profit-taking and fund liquidation. LC and FC made new contract highs. Negotiated cash trade has improved around $2.00/cwt this week with live prices $140-142 and dressed mostly $224/cwt. Choice beef slipped .97 to 274.82 and Select fell 3.10 to 268.95.  Load count was a moderate 158 loads.

Lean hog futures also closed lower after setting contract highs. LH have been rising steadily for weeks and were in overbought territory. The break in the outside markets and cattle futures, along with a lower pork cutout weighed LH futures down. FOB Plant Pork dropped 3.36 to 101.48 with ham value down 22 at 67 and belly value up 10 at 189. Pork movement was a low 242 loads.

Today’s Consumer Price Index came in at 7.5%, higher than the market expected and the largest year/year increase since 1982. This caused Treasury yields to rise and the stock market to drop.

US$ +.1% 95.69

Dow -526 35242

SP -83 4504

NAS -305 14186

Tran -267 15391

  VIX +3.98  23.94

 

WTI +45 9011

Brent -14 9141

Gas +1 266

NG -7 394

HO unch 283

Gold -9 1828

Slvr -13 2321

 

2-yr +.241 1.591%

5-yr +.154 1.954%

10yr +.109 2.036%

30yr +.094 2.326%

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