Corn Sep +17 597 (586-600); Dec +17 601 (589-602)

Bean Aug +60 1533 (1481-1535); Nov +38 1384 (1358-87)

  Meal Aug +25 472 (448-73); Dec +19 418

  Oil  Aug +41 6042

Wheat Sep +34 804 (772-806); Dec +33 822; Jly +30 835

  KC Sep +37 877; MGE +45 929

Oats Sep +9 451

Rice +16 1709

 

LC Aug -87 13687; Oct -97 14237; Dec -57 14805

FC Aug -187 17742; Oct -202 18322; Jan -172 18532

LH Aug -25 11697; Oct -47 9365; Dec -27 8597

Milk Aug +50 2120; Sep +35 2090

CBOT futures closed strongly to sharply higher with closing prices at/near the day’s highs. Corn and soybean futures gapped higher Monday evening when the market re-opened and maintained the chart gaps which is bullish. These futures were supported by Monday’s 2-3 point drop in the good/excellent share of the crop as well as forecasts for hot, dry conditions to return next week in parts of the Corn Belt. August soybeans soared by 60 cents thanks to August Soybean Meal rising $25/ton to $472/ton, a new contract high.  Wheat was supported by a slide in spring wheat crop conditions and by continued Russian attacks on Ukraine ports.

Live and feeder cattle futures closed lower with feeders taking the brunt of the pressure due to sharp corn price gains. Traders expect cash weakness this week. A weaker U.S. stock market suggests the economy may continue to weaken and meat demand could slip. Choice beef gained 1.00 to 269.11 and Select fell 1.12 to 243.88.  Beef movement was decent at 115 loads. Very light cash trade was reported in TX at $135/cwt, down $1.00 from last week.

Lean hog futures closed slightly lower for a second day. Profit-taking following LH making new summer highs on Friday/Monday pushed futures lower. Cash hog prices were firm but pork cutouts faded. FOB Plant Pork dropped 1.05 to 126.77 with pork movement at a strong 299 loads.

US$ +.7% 107.23

Dow -228 31762

SP -46 3921

NAS -220 11563

Tran -251 13614

  VIX +1.33  24.69

 

WTI -116 9554

Brent -46 10469

Gas -1 337

NG +18 890

HO +7 358

Gold -4 1715

Slvr +19 1852

 

2-yr +.024 3.059%

5-yr unch 2.900%

10yr -.017 2.803%

30yr -.026 3.024%

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