Corn Sep +6 600 (585-613); Dec +9 595 (577-606)

Bean Aug +16 1485 (1445-97); Nov +6 1349 (1316-62)

Meal Aug +12 437 (422-39); Dec +13 402

 Oil Aug -111 5900 (5786-6094); Dec -121 5671

Wheat Sep -3 811 (807-40); Dec -2 828

  KC Sep -5 862; MGE -5 914

Oats Sep -1 462

Rice -2 1642

 

LC Aug +20 13687; Oct unch 14127; Dec +45 14765

FC Aug +122 18080; Oct +155 18500; Jan +105 18672

LH Jly +90 11450; Oct +95 9355; Dec +70 8537

Milk Jly -4 2262; Aug -24 2102; Sep -54 2112

CBOT futures closed mixed but well off the day’s highs. Corn and soybeans found support from weather outlooks which are drier and warmer than “normal” out at least two weeks. However, these markets are weighed down by weak export demand, a strong US Dollar Index, recession fears, and Covid lockdowns in China. In the soy complex, meal move about 3 percent higher but a sharp drop in soybean oil futures offset much of that support. Soybean oil was hit by sharply lower palm oil futures.

Live cattle closed slightly higher but feeder futures posted large gains for a third straight day. It appears that feeder futures are attracting money to the market with the bullish technical action. Choice beef slipped .46 to 268.05 and Select fell .91 to 242.26. Beef movement was a moderate 119 loads. Negotiated cash trade was called moderate in NE and the southern Plains. Prices were mostly steady at $137 in the southern Plains and $144-145 in Nebraska. Dressed prices slipped $2/cwt to $230/cwt.

Lean hog futures closed higher but stopped short of trading above last week’s highs. LH was supported by higher cash hog price and pork values. Analysts also reported that hog prices rose in China. Tomorrow’s weekly export sales report will give a clue to China’s pork demand. FOB Plant Pork ended up .81 at 118.28. Pork movement was weak with 232 loads.

CPI data showed U.S. inflation at 9.1%, well above the forecast of 8.8% and the highest since 1991.

US$ -.2% 108.02

Dow -209 30773

SP -17 3802

NAS -17 11248

Tran -171 13001

  VIX -.47  26.82

 

WTI +52 9383

Brent +8 9957

Gas -3 323

NG +53 669

HO unch 367

Gold +11 1735

Slvr +24 1919

 

2-yr +.106 3.149%

5-yr +.012 3.028%

10yr -.023 2.935%

30yr -.021 3.116%

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