Corn Mar -6 617 (610-24); Jly -4 613; Dec -5 568

Bean Mar -1 1544 (1529-60); Jly -1 1542; Nov +3 1393

  Meal Mar +2 437 (432-44); Dec +3 393

  Oil -23 6575

Wheat Mar -3 752 (740-56); Jly -3 752 (742-58)

  KC Mar unch 769; MGE -7 901

Oats +3 728

Rice -6 1537

LC Feb +47 14160; Apr -15 14675; Jun -10 14152

FC Mar -15 16672; May -12 17562; Aug -5 18512

LH Feb -90 8645; Apr -75 9837; Jun -72 10820

Milk Feb +14 2045; Mar -11 2140

CBOT futures closed narrowly mixed but favored price losses. Given a lack of new market news, corn and wheat futures added to yesterday’s losses. The positive factor is that corn closed mid-range and wheat in the upper range; KC and Chicago wheat are just above critical chart support at the January lows.  Soybean futures traded about the same price ranges posted yesterday with old-crop ending down a penny and November SB up 3 cents. Today’s old-crop losses come after seven straight days of higher closes. November SB made a new contract high and close. Traders will be eager to see USDA’s crop forecasts for South America next Wednesday.

Cattle futures closed mostly lower but mostly by no more than 30 cents/cwt. Today’s losses ended a 4-day winning streak of higher prices. But February and April LC traded new contract highs. The February LC is at a slight premium to the cash market. Packers are running at a good pace. The resulting beef volume is pressuring boxed beef values. Choice beef fell 1.69 to 281.46 and Select lost 3.10 to 276.47. The Choice-Select spread is in to 4.99. Beef movement was strong at 134 loads. USDA reported negotiated cash trading picked up in TX/KS at $140/cwt, up $3-4 from last week. The northern markets traded $140 and $222/cwt yesterday.

Lean hog futures closed lower and at/near the day’s lows; this came after setting some new contract highs. LH ended weak even though the cash hog market has been supportive. The pork cutout was down slightly in the morning. FOB Plant Pork edge up .77 to 97.21 thanks to a 4% gain in ham value and the belly value. Pork movement was a strong 333 loads.  

US$ -.7% 95.35

Dow -518 35111

SP -112 4477

NAS -539 13879

Tran -271 15469

  VIX +2.26  24.35

 

WTI +201 9027

Brent +164 9111

Gas +4 264

NG -61 489

HO +7 284

Gold -6 1804

Slvr -33 2237

 

2-yr +.046 1.202%

5-yr +.074 1.674%

10yr +.070 1.836%

30yr +.062 2.156%

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