Corn Mar +21 532 (508-34); Jly +17 527; Dec +10 444

Bean Mar +27 1370 (1333-76); Jly +24 1352; Nov +18 1148

  Meal Mar +7 436 (426-40)

  Oil +97 4391

Wheat Mar +17 665; Jly +14 647 (626-48)

  KC +14 641; MGE +12 638

Oats unch 355

Rice +7 1330

 

LC Feb +47 11700; Apr +15 12310; Jun +65 11947

FC Jan -90 13565; Apr -197 14427; Aug -192 15265

LH Feb -17 7045; Apr +32 7695; Jun +42 8792

Milk Feb -54 1542; Mar -51 1653

 

Grain and soy complex futures rose sharply for a second day in a row. A huge corn sale to China reported this morning by USDA supported the market. Once the follow-through buying got started, the rally was on its way on short-covering and technical buying. Overall fundamentals remain the same, but the market bulls are back in charge – for the moment anyway. Soybean futures closed today around the 50% retracement level, as did new-crop corn. Old-crop corn has recovered most of the January slide, remaining about a dime below the contract highs. Soybean futures are 50-70 cents below contract highs.

Live cattle futures closed slightly higher but feeder futures posted sizable losses due to the soaring corn market. LC futures have been supported by rising beef cutouts and optimism on the fed cattle market. While USDA didn’t report it, trade reports have Southern Plains cattle trading $112.50/cwt this afternoon, up from $110 last week. Choice beef gained 2.33 to 229.06 and Select rose 1.12 to 217.33. Live Cattle made new contract highs.

Beyond the February LH, lean hog futures closed slightly higher. February LH will continue to be pressured by its over $4.00 premium to the cash index. Otherwise, deferred LH are supported by optimism for Chinese pork demand. Yesterday’s Cold Storage Report showed December 31^st frozen pork stocks remain historically low. Total pork was down 30% from year ago; belly stocks were down 54% year/year. FOB Plant Pork dropped 1.20 to 80.93. Ham value dropped 7.22 to 63.83 while belly value rose 3.25 to 128.40.

US$ -.2% 90.16

Dow -23 20937

SP -6 3850

NAS -10 13626

Tran -207 12643

  VIX -.17 23.02

 

WTI -16 5261

Brent +3 5591

Gas +2 157

NG +5 266

HO unch 160

Eth -7 153

Gold -4 1851

Slvr +5 2554

 

2-yr -.004 0.123%

5-yr -.001 0.409%

10yr -.007 1.033%

30yr -.009 1.790%

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