CBOT futures closed mostly lower today with KC and MGE wheat hitting new contract lows. Corn and soybean futures sold off through mid-morning but then rallied into the closing bell and finished near mid-range. Weighing on prices were favorable weather and a stronger US dollar. The pace of corn harvest will be accelerating. Limiting price losses were the private crop forecasts that are smaller than USDA’s August forecasts. The difference will be worked out with the September 11 Crop Production Report. Higher values in energy and equities also supported the market.

Live Cattle closed steady and Feeder Cattle posted modest gains. Both markets were much lower in the first two hours of trading but rallied sharply after 11 am – just like the CBOT futures (and energy and equities). Choice beef closed down 0.24 at 240.97; Select down 1.41 at 229.03. Cattle markets continue to deal with a negative sentiment and technicals.

Lean Hog futures closed strongly higher, pushing to new highs not seen since June. October LH’s discount to cash hog prices continues to offer support. FOB Plant Pork dropped .23 at 85.94. Rising ham value offset losses in loin, rib and picnic values. FOB Plant was up .58 in the midday report.

Corn Dec -2 367; Jly -1 390; Dec16 -1 392 Bean Nov unch 874 (865-80); Jly -3 884; Nov16 -3 867 Meal +2 312 Oil -48 2686 Wheat Dec -7 479; Jly -2 496 KC -7 475; MGE -3 508 Oats unch 224 Rice +9 1195

LC Oct -10 14122; Feb -10 14320; Apr +10 14210 FC Sep +47 20075; Oct +97 19630; Jan +130 18762 LH Oct +180 6977; Dec +170 6467; Feb +155 6857 Milk Sep -21 1612; Oct -30 1645

 

US$ +.6% Dow +293 16351 SP +35 1949 NAS +114 4750 Tran +188 7865 VIX -5.31 26.09 -16.7%

WTI +63 4604 Brent +96 5052 Gas +3 143 NG -7 264 HO +3 161 Eth +1 144 Gold -6 1133 Slvr +4 1466

2-yr -.004 0.712% 5-yr +.010 1.514% 10yr +.016 2.188% 30yr +.023 2.955%