Corn May +23 748 (722-60); Jly +10 703; Dec +3 612 (605-25)

Bean May +5 1668 (1665-99); Jly -1 1633; Nov +1 1454

  Meal May +5 453; Dec +2 406

  Oil -106 7481

Wheat MARCH +230 1289; May +75 limit 1134; Jly +75 limit 1116; JULY 2023 +56 829; JULY 24 +28 730

  KC May +75 limit 1150; MGE +60 1118

Oats +10 666

Rice +14 1636

 

LC Apr -175 13835; Jun -135 13515; Aug -105 13565

FC Mar -195 15635; May -250 16550; Aug -160 17872

LH Apr -110 10520; Jun +5 11650; Aug -12 11342

Milk Mar +19 2243; Apr +34 2339

Soybeans closed narrowly mixed, corn ended higher and wheat futures closed up their daily limit. The trade disruption from the Ukraine-Russia war continues to roil the markets. In wheat, note that the expiring March Chicago contract ended up $2.30/bushel because there is no price limit during the month of expiration. Wheat prices appear to be rallying to find a level that will decrease physical demand. But since most wheat goes into food, there could be bigger problems than a high price. May Corn made a new contract high before falling way back in the last 15 minutes of trading. Soybeans continue to be supported by daily Chinese purchases but were weighed down today by the bearish reversal in crude oil futures that lead to the fall in soybean oil prices. USDA economists will have a fun time updating their supply-demand tables for next Wednesday’s WASDE report – especially for wheat.

Cattle futures closed moderately lower on weak cash fundamentals and technical selling. Fed cattle trade was light with prices around $140/cwt. Rising corn futures hit the feeder cattle market. Choice beef was down 1.37 to 254.35 and Select lost 3.55 to 247.79. Beef movement picked up a little, at 153 loads, from early week action. Today’s export report showed weekly beef sales up 64 percent from the previous week and 23 percent from the prior 4-week average.  

Lean hog futures closed narrowly mixed except for the nearby April LH dropping $1.10/cwt despite a very strong morning pork market. April LH’s large premium to the CME LH Index may be weighing on it. FOB Plant Pork dropped 2.01 to 106.41 on heavy pork movement of 360 loads. The morning quote was up 6.76 but ham and belly values collapsed by the afternoon. Net pork export sales of 42,200 MT for 2022 were up 59 percent from the previous week and 80 percent from the prior 4-week average. China was the second largest buyer at 16,600 MT.

US$ +.4% 97.72

Dow -97 33795

SP -23 4363

NAS -214 13538

Tran -10 15403

  VIX -.24 30.5

 

WTI -264 10795

Brent -265 11028

Gas -3 328

NG -3 473

HO -1 349

Gold +16 1939

Slvr +8 2527

 

2-yr +.014 1.526%

5-yr -.021 1.731%

10yr -.025 1.840%

30yr -.007 2.226%

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