Corn Mar unch 611 (606-14); Jly -1 606; Dec -2 562

Bean Mar +34 1426 (1387-1429); Jly +32 1439; Nov +16 1320

  Meal Mar +2 401 (394-405); Dec -1 373

  Oil +212 6288 (6061-6297)

Wheat Mar -6 790 (784-803); Jly -6 781 (777-93)

  KC Mar -3 796; MGE +5 945

Oats -14 641

Rice +11 1477

 

LC Feb -22 13832; Apr -17 14317; Jun -10 13837

FC Jan -22 16117; Apr -52 16952; Aug -17 18212

LH Feb +262 8492; Apr +265 9400; Jun +195 10382

Milk Jan +6 2029; Feb -41 2090; Mar -57 2175

CBOT futures closed widely mixed with soybeans and soybean oil leading the way higher. Soybeans were supported by ongoing concerns for South American production, record high palm oil prices (more to go into biodiesel in Indonesia), and technical buying spurred on by yesterday’s big rally. Corn traded both sides of unchanged with the soybean rally offering support. Some traders are optimistic for some Chinese buying of corn and beans. Wheat closed mostly lower on profit-taking after seeing a 50+ cent rally the previous two days. The anticipated Russia/Ukraine conflict could be price supportive if it happens.

Cattle futures mostly closed slightly lower with small gains in the far deferred contracts. Trading ranges were relatively narrow today. Live cattle traded in the top portion of yesterday’s wide range. Although boxed beef was stronger again today, LC were weighed down by a steady fed cattle market and tomorrow’s Cattle on Feed Report after the market close. The average trade guess is reportedly January 1^st inventory at 99.7%, December placements at 101.8% and December marketings at 100.9%. Feeder cattle futures have been moving sideways the past 11 trading days.  Choice beef rose 1.38 to 292.98 and Select was up 1.75 at 282.18. Beef movement was a strong 129 loads. Negotiated cash trade was light again with prices mostly steady.

Lean hog futures soared higher, capping a 4-day rally to contract highs in the April and beyond contracts. The June LH and beyond gapped higher at the open and maintained the gaps by fractions. LH were supported by technical buying as the hog and pork markets cooled off today. Tomorrow morning’s weekly export sales report (delayed due to MLK Day) could confirm a pick up in export demand. FOB Plant Pork was down 3.23 to 92.24 in the afternoon, little changed from the morning quote of 92.43. Ham value erased much of yesterday’s huge gain – down 26 to 66. Rib value fell 13 to 148 and belly value rose 12 to 159. Pork movement was light at 296 loads.

US$ +.2% 95.79

Dow -313 34715

SP -50 4483

NAS -186 14154

Tran -66 15522

  VIX +1.74 25.59

 

WTI -67 8629

Brent -112 8732

Gas -2 243

NG -20 384

HO -5 264

Gold -3 1840

Slvr +30 2453

 

2-yr +.002 1.027%

5-yr -.019 1.592%

10yr -.016 1.811%

30yr -.016 2.123%

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