Corn Sep +2 602; Dec unch 589 (584-611); Dec22 -2 505

Bean Aug unch 1430; Nov -3 1395 (1376-1423)

  Meal Aug +6 383; Dec +7 389

  Oil Aug -77 6265; Dec -127 6149

Wheat Sep -14 665 (665-94); Dec -11 674; Jly22 -7 680

  KC Sep -21 638; MGE -13 837

Oats Sep -6 385

Rice Sep -1 1346

 

LC Aug +85 12357; Oct +110 12925; Dec +110 13320

FC Aug +170 15632; Oct +155 16107; Jan +77 16222

LH Jly -17 10730; Aug -295 10030; Oct -240 8487; Dec -177 7830

Milk Jly -12 1679; Aug -31 1682

After trading sharply higher yesterday on the bullish USDA reports, CBOT futures traded wide ranges and closed mixed with soybean meal up strongly and wheat dropping sharply. Futures rallied overnight into the 7:30 am intermission, but trended lower during the day session. Traders are cautious one day ahead of the 3-day holiday weekend. 3-day weekends are notorious for trend reversals or accelerations – which will it be? Corn and soybeans need excellent yields in 2021 to keep the supply-demand balance from getting scary tight. The weather market marches on into July.

Cattle futures closed higher after testing lower levels early in the day. Futures are working back toward the June highs. Today’s strength came despite another day of weaker boxed beef values and a soft cash market. Choice beef fell 3.64 to 287.65 and Select lost 2.34 to 266.93. Cash trade was not established. Weekly beef export sales were a disappointing 12,100 MT, down 28% from the weak before. Feeder futures rebounded from yesterday’s sharp losses even though corn futures were higher most of the day.

Lean hog futures closed sharply lower in contracts beyond the July LH. Today’s action erased a big portion of the recent 4-day rally. LH were pressured by weaker cash hog prices and expectations the 3-day weekend will back up some hogs in the supply chain. Weekly pork export sales were just OK at 28,600 MT, unchanged from the previous week. FOB Plant Pork edged up .06 to 113.90 after being up 1.10 in the morning.

US$ +.2% 92.53

Dow +131 34634

SP +22 4320 - Record high

NAS +18 14522

Tran +197 15078

  VIX -.37 15.46

 

WTI +128 7405

Brent +96 7558

Gas +2 226

NG +1 366

HO +2 215

Eth unch 238

Gold +6 1777

Slvr -5 2614
 

2-yr +.008 0.257%

5-yr +.024 0.899%

10yr +.022 1.466%

30yr +.002 2.069%

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