CBOT futures closed higher, and near the day’s highs, except for soybean oil. Futures edged higher overnight and then accelerated upwards when trading reopened at 830 am CDT. News reports blamed wet forecasts which could damage wheat and keep corn/bean acres from reaching their potential. The spec funds were reportedly buyers in all 3 major commodities where they’re short. The price charts for these also look positive. The first 4 days of June have been very good to producers needing to sell. The next wheat production estimate and updated supply-demand forecasts will be released by USDA on June 10.

Cattle futures closed higher, undoing part of yesterday’s damage. Support came from higher beef values at midday but the late-day quote showed a loss in Choice beef. Choice beef fell .80 to 248.48 and Select gained .71 to 240.51. Cattle futures did drift lower in afternoon e-trade.

Lean Hog futures fell sharply today, heading south right from the start. Weakness in LH futures has been evident for the past 5 trading days. October LH has lost nearly $3.00/cwt in two days; chart support comes in at 69.50. FOB Plant Pork gained .34 to 86.86.

Corn Jly +4 363; Dec +4 381 (374-82) Bean Jly +11 946; Nov +9 924 (912-25) Meal Jly +3 306; Oct +3 294 Oil -20 3453 Wheat Jly +13 524 (504-24); Dec +14 543 KC +12 541; MGE +13 576 Oats +2 254 Rice +6 992

LC Jun +72 15322; Oct +57 15300; Feb +35 15407 FC Aug +67 22257; Oct +30 21957; Jan -22 21102 LH Jun -135 8220; Jly -187 8060; Oct -175 7005 Milk Jun +2 1675; Jly +7 1701

 

US$ +.2% Dow -171 17906 SP -18 2096 NAS -40 5059 Tran -73 8437 VIX +1.05 14.71 +7.7%

WTI -165 5799 Brent -170 6210 Gas -6 199 NG unch 263 HO -5 185 Eth +2 155 Gold -9 1175 Slvr -39 1609

2-yr -.011 0.665% 5-yr -.042 1.642% 10yr -.055 2.311% 30yr -.061 3.046%