Corn Sep -8 340; Dec -7 353 (353-60)

Bean Sep -23 838; Nov -23 848 (847-67)

  Meal -2 330

  Oil -56 2843

Wheat Sep -20 472; Dec -19 490; Jly’19 -15 528

   KC -21 474; MGE -12 525

Oats unch 236

Rice unch 1189

 

LC Aug -160 10385; Dec -160 11067; Feb -127 11512

FC Aug -245 14940; Oct -220 14995; Jan -80 14892

LH Jly +27 7977; Aug -97 6880; Dec -347 4645

Milk Jly +7 125; Aug +10 1470

 

Commodity and equity markets took a big hit today, resulting in a very RED quote screen. The negative, risk-off trade started early after it was announced the US plans 10% tariffs on an additional $200 billion of Chinese goods entering the US. A sharp drop in crude and gasoline futures added to the bearishness on news that Libya will restart oil exports and Saudi Arabia’s oil output rose in June. The US government also indicated some flexibility on barring countries from using Iranian oil.

CBOT futures closed sharply lower and at/near the day’s lows. Corn and beans made new contract lows. Beyond the trade tariff issues and bearish outside markets, the CBOT was pressured by generally favorable weather forecasts for crops that are rated better than average for this time of year. The speculative funds are sizable shorts and have downward momentum on their side; expect them to keep pushing down on the market until some news creates a short-covering rally. The piece of fundamentals comes midday tomorrow as USDA releases its monthly WASDE report on US and world S&D’s.

Cattle and Lean Hog futures also suffered significant price losses amid the day’s general sell-off. Cattle futures are about $5.00/cwt off recent highs and Lean Hogs are off $8.00/cwt.  Choice beef gained .12 to 207.44 and Select lost 1.25 to 197.14.  FOB Plant Pork dropped .50 to 83.60.

US$ +.6%

Dow -219 24700

SP -20 2774

NAS -43 7717

Tran -213 10442

  VIX +.89 13.53

 

WTI -354 7057

Brent -477 7409

Gas -9 207

NG +4 283

HO -11 211

Eth -3 140

Gold -13 1242

Slvr -27 1582

2-yr -.020 2.574%

5-yr -.035 2.737%

10yr -.035 2.838%

30yr -.031 2.941%

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