Corn Mar -5 526 (523-34); Jly -7 525; Dec -5 455

Bean Mar -31 1386 (1383-1421); Jly -32 1369; Nov -9 1189

  Meal -13 450 (450-64)

  Oil -15 4170

Wheat Mar -3 672; Jly unch 658 (654-69)

  KC +1 644; MGE unch 643

Oats -3 362

Rice +8 1319

 

LC Feb +55 11332; Apr +115 11935; Jun +45 11672

FC Jan -17 13440; Apr +130 13960; Aug +157 14907

LH Feb -145 6647; Apr -122 7142; Jun -137 8300

Milk Jan -1 1622; Feb -75 limit 1848; Mar -48 1856

CBOT futures closed mostly lower and near the day’s lows, with sharp losses in soybeans and soybean meal. The highs were set very soon after the Monday evening market opening, followed by a strong move to the downside. Sellers were encouraged by improved soil moisture in South America and forecasts for more rain. Wheat futures were strongly higher overnight on continued concerns that Russia will restrict exports to keep domestic food prices down. However, wheat eventually succumbed to the losses in soybeans and corn. Additionally, there’s indications that China needs to buy wheat along with soybeans and corn. One day doesn’t end the bullish grain/soy market, but producers need to manage their price risk.

Cattle futures closed mostly higher but well off the day’s highs that were set about an hour into trading. Live cattle were supported by higher beef prices and follow-through buying after Friday’s sharp gains. Choice beef gained 2.45 to 217.49 and Select up .60 at 206.44. Negotiated cash prices were not established. Last week’s averages were $109.52/cwt live and $173.06 dressed.

Lean hog futures opened near steady but quickly headed lower and finished near the day’s lows. Lean hogs were pressured by weaker cash hog prices and pork cutouts. Traders are cautious about China’s pork demand amid reports of its hog herd size recovering. FOB Plant Pork dropped 1.10 to 77.42 with ham value down 8.52 to 65.59 and butt value up 4.60 73.78.

US$ -.3% 90.50

Dow +116 30931

SP +31 3799

NAS +199 13197

Tran -46 12900

  VIX -1.1 23.24

 

WTI +56 5298

Brent +115 5590

Gas +1 154

NG -19 255

HO +1 160

Eth unch 163

Gold +10 1840

Slvr +45 2532

 

2-yr -.004 0.133%

5-yr -.010 0.445%

10yr -.008 1.089%

30yr -.016 1.836%

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