Market Closes - April 15, 2019

Posted on Apr 15, 2019

Corn May +2 363; Dec +2 391 (389-92)

Bean May +3 899; Nov +3 931 (927-34)

  Meal +3 311

  Oil -14 2881

Wheat Jly -5 463 (461-67); Dec -3 488

  KC Jly -8 433; MGE -1 535

Oats +2 289

Rice +9 1055

 

LC Apr -25 12630; Jun +2 12147; Oct +2 11905

FC Apr +25 14567; Aug +45 15915; Oct +52 16027

LH May +47 9007; Jly +20 10155; Oct +32 9350

Milk May -11 1567; Jun -8 1575

CBOT futures closed mixed. Corn and soybean futures closed slightly higher as traders wait for confirmation of a US/China trade deal. The large short positions held by the spec funds fueled some short-covering. Soybean meal was up one percent, helping soybeans gain 3 cents. Wheat futures were pressured by weak export shipments.

U.S. corn planting progress is 3 percent, same as a year ago, and  2 percent behind the 5-year average. Kentucky has 8 percent planted compared to 3 percent last year and a 5-year average of 8 percent.

U.S. wheat condition is 60 percent good/excellent, compared to 31 percent a year ago.

Cattle futures closed higher on stronger boxed beef values and Friday’s stronger cash cattle market. USDA’s average cash price for last week was $126.19/cwt. Choice beef jumped 2.23 to 230.98 and Select lost .20 to 221.22. The trade is expecting weekly slaughter to be this year’s largest yet.

Lean Hog futures closed higher with bigger gains in distant months. LH continue to be supported by pork values and ideas that China is buying large quantities of US pork. Weekly sales come out on Thursday mornings. FOB Plant Pork closed up 1.33 at 87.04 with bellies up 4% and loins down 3%. The U.S. and Japan are beginning trade talks.

US$+.1%

Dow -28 26385

SP -2 2906

NAS -8 7976

Tran -93 10819

  VIX +.32 12.33

 

WTI -32 6370

Brent -28 7127

Gas -2 201

NG -7 259

HO -1 206

Eth unch 133

Gold -4 1291

Slvr -2 1494

2-yr -.004 2.392%

5-yr -.007 2.368%

10yr -.007 2.553%

30yr -.004 2.967%

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