Corn and soybean futures closed lower, while wheat markets were mixed. Although futures traded steady overnight, prices headed south once the day session opened at 830 am CT. Pressure originated from yesterday’s bearish action in soybean futures with key chart support levels being broken. Improved weather in South America was also cited.  Trade reports indicate the speculative funds are near-record short corn futures. The funds were long soybeans a week ago, but probably have been selling since then. The specs are also sizable shorts in wheat futures. Chicago wheat futures rallied on concern that the US wheat crop condition is deteriorating without rain in the Plains. Corn futures dropped to new contract lows.

Cattle futures opened near steady but quickly headed lower and then closed down sharply and near the day’s lows. Futures were pressured by weaker boxed beef values and long liquidation by the speculators. December LC are now at a $3-4/cwt discount to last week’s cash market. Choice dropped 2.14 to 210.67 and Select fell .34 193.49.

Lean Hog futures closed sharply lower including the December LH contract dropping for 10 straight days for a total $8.00 loss. Futures fell due to technical selling and concerns that the cash hog market is headed lower. FOB Plant Pork gained .42 to 81.81 as bellies rose almost 4% and ribs rose 3% while loins dropped nearly 3%.

Corn Dec -5 337 (337-42); Mar -4 350

Bean Jan -6 968 (967-77); Mar -7 979

  Meal -1 310

  Oil -32 3401

Wheat Dec +4 428; Jly +1 470

  KC unch 428; MGE -4 629

Oats +3 276

Rice +13 1149

 

LC Dec -107 11950; Apr -95 12602; Jun -150 11835

FC Nov -107 15762; Jan -307 15390; Apr -280 15197

LH Dec -232 5997; Feb -280 6750; Apr -182 7242

Milk Nov +2 1682; Dec +6 1575

US$ -.7% 

Dow -30 23409

SP -6 2579

NAS -20 6738

Tran -30 9489

  VIX +.09 11.59

 

WTI -176 5500

Brent -181 6135

Gas -6 174

NG -8 308

HO -5 189

Eth -4 140

Gold +2 1281

Slvr -3 1702

 

2-yr +.004 1.691%

5-yr -.011 2.062%

10yr -.025 2.375%

30yr -.037 2.832%

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