Market Closes - April 10, 2018

Posted on Apr 10, 2018

CBOT futures closed narrowly mixed following today’s USDA WASDE report which didn’t have any material surprises. Compared to last month’s report, the 2017/18 ending stocks forecasts raised corn by 55 million bushels to 2.182 billion bushels, lowered soybean stocks by 5 million to 550 million bushels, and raised wheat by 30 million bushels to 1.064 billion bushels.  The world soybean ending stocks forecast dropped over 2 MMT due in part to a 7.0 MMT drop in Argentine soybean production. Focus should return to US weather and its impact on field work and condition of the winter wheat crop.

Cattle futures opened higher but approached the day’s lows mid-morning. Except for the nearby April LC and FC contracts, futures closed steady or lower. The market lacked any friendly fundamental news today. Choice carcasses end down 1.53 at 213.51; Select down 1.81 at 201.33.  At midday, Choice was only down 0.10.

Lean Hog futures followed a pattern similar to cattle futures today.   FOB Plant Pork ended down .05 at 66.57. At midday, FOB Plant was up 1.19.
 

Corn May -1 389; Jly -1 398; Dec -1 414 (412-16)

Bean May +3 1050; Jly +3 1060; Nov +5 1048 (1041-59)

  Meal -6 384

  Oil +33 3185

Wheat May +1 492; Jly +2 508 (498-510)

   KC -1 522; MGE unch 626

Oats -1 236

Rice -4 1277

 

LC Apr +77 11280; Jun -40 10210; Oct -27 10645

FC Apr +37 13482; Aug -42 14062; Oct unch 14297

LH Apr +60 5350; Jun -82 7505; Oct -65 6620

Milk Apr -3 1443; May -4 1483

US$ -.2%

Dow +429 24408

SP +44 2657

NAS +144 7094

Tran +109 10228

  VIX -1.30 20.47

 

WTI +209 6551

Brent +236 7101

Gas +6 204

NG -4 266

HO +7 206

Eth +1 146

Gold +6 1346

Slvr +7 1660

 

2-yr +.025 2.311%

5-yr +.024 2.625%

10yr +.017 2.803%

30yr +.004 3.021%

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