CBOT futures are mostly lower at midday and far below the day’s highs (which exceeded Monday’s highs) which were set late Monday/early Tuesday. The losses accelerated when trading re-opened at 830 am CT. The pressure may be coming from the 2-week NWS outlook that calls for above normal temperatures and below normal rainfall in the eastern U.S. This should help crops recover from the excessive soil moisture that has threatened yields.

Livestock futures are sharply higher on short-covering. Although, beef and pork cutouts are up slightly at midday, I haven’t seen a reason for the sharp gains. The rally accelerated shortly after 10 am CT in both hogs and cattle.

Corn Sep -9 431; Dec -10 442 (hi 454) Bean Aug -3 1035; Nov -2 1026 (hi 1045) Meal Aug +2 359; Oct +2 350 Oil -33 3241 Wheat Sep -5 571; Dec -6 576 KC -8 559; MGE -5 592 Oats unch 256 Rice +11 1105

LC Aug +80 14740; Dec +75 15235; Feb +60 15292 FC Aug +330 21452; Oct +302 21077; Jan +282 20375 LH Jly +87 7995; Aug +267 7662; Dec +247 6165 Milk Jly +1 1636; Aug +1 1625

 

US$ -.2% Dow +.4% SP +.4% NAS +.7% Tran +.2% VIX -6.2% 13.03

WTI +1.4% Brent +1% Gas -.3% NG -.8% HO +.3% Eth -2.1% Gold unch Slvr -.8%

5-yr -.035 1.664% 10yr -.025 2.405% 30yr -.004 3.202%