CBOT futures closed mixed after trading both sides of unchanged. The highs came early this morning before the sell-off ensued in sympathy with the downside moves in energy and equities. The US Dollar was stronger through mid-morning before selling off through late afternoon. The last 2 days have seen soybean futures moved by the soybean oil market – up Tuesday, down today. Traders are positioning for Friday’s USDA Crop Production Report.

Cattle futures closed lower, unwinding some of Tuesday’s big rally. Futures opened higher but drifted lower the rest of the day. Price charts now have an appearance of a “double top” which could establish the top of a trading range. Choice beef carcasses up 0.31 at 239.47; Select up 0.05 at 228.70.

Lean Hog futures closed little changed after trading both sides. LH futures also set highs near the opening bell and sold off with other commodities and equities. But LH futures were able to bounce off the lows midday when the pork cutout was reported up strongly (+1.15/cwt).  However, by late-day, FOB Plant Pork closed down .05 at 85.81.

Corn Dec +1 369; Jly unch 392; Dec16 +1 394 Bean Nov -7 872; Jly -5 884; Nov16 -5 865 Meal unch 310 Oil -25 2668 Wheat Dec -3 472; Jly -2 490 KC -4 472; MGE unch 505 Oats +6 233 Rice +20 1246

LC Oct -50 14297; Feb -35 14527; Apr -35 14410 FC Sep -47 20382; Oct -95 19857; Jan -72 18992 LH Oct +15 6892; Dec -5 6355; Feb -10 6810 Milk Sep unch 1614; Oct +5 1633

 

US$ +.1% Dow -239 16254 SP -27 1942 NAS -55 4757 Tran -57 7956 VIX +1.33 26.23 +5.4%

WTI -182 4412 Brent -204 4748 Gas -4 136 NG -5 266 HO -6 154 Eth unch 147 Gold -15 1106 Slvr -16 1459

2-yr unch 0.741% 5-yr +.007 1.529% 10yr +.002 2.195% 30yr -.016 2.954%