Market Closes - April 15, 2020

Posted on Apr 15, 2020

Corn May -7 319; Jly -5 327; Dec -4 343 (342-47)

Bean May -5 842; Jly -4 852; Nov -6 860 (858-71)

Meal +5 292

 Oil -19 2655

Wheat May -8 540; Jly -9 540 (531-50); Dec -8 554

  KC -4 479; MGE -7 514

Oats +8 285

Rice -9 1419

 

LC Apr +102 9472; Aug unch 8952; Oct -50 9497

FC Apr -60 11580; Aug +37 12672; Oct +97 12872

LH Apr -5 4560; May +145 3945; Jly +75 5172; Oct +97 5200

Milk Apr -15 1349; May +2 1106; Jun +1 1220

CBOT futures closed mixed with corn, wheat and soybeans much lower. Futures were pressured by bearish outside markets – lower crude oil, equities, precious metals and a stronger US dollar. After rallying to $29 on April 3, May Crude is back to the $20 level, despite the OPEC+ deal. Corn was pressured by a 15% drop in weekly ethanol production (more plants closing) and a new record high amount of ethanol in storage (approx. 7 weeks of usage). Nearby corn futures haven’t been this low since September 2016. Soybean futures closed a nickel lower even as May meal rose strongly. The speculators are likely swinging to the short side of soybean futures to go along with their big corn short. The March soybean crush, as reported by NOPA, totaled 181.37 million bushels; this is a new record for any month. NOPA reported March soybean meal exports at 973,741 metric tons, up 15% from March 2019. Wheat was pressured by the weakness in corn/beans, lack of export business, rain forecasted in Russia/Ukraine and little freeze damage to the U.S. crop.

Cattle futures closed mostly higher with nearby LC up $1.02/cwt. Live cattle were supported by much stronger boxed beef values and USDA plans to buy milk and meat for humanitarian use. Choice beef rose 3.86 to 230.53 and Select soared 6.45 to 222.22. Only 112 loads were offered. With April LC at $95 and June at $85, traders expect fed cattle prices to remain soft given uncertainty in plant operations.

Lean hog futures closed higher with the April LH contract expiring today down .05 to 45.60. Hog futures rallied even as pork values slid lower. FOB Plant Pork fell .97 to 52.10. Bellies reversed yesterday’s strength and fell 10%. Loins fell nearly 5%, while ribs and hams rose around 5%. Again, traders will watch for hog receipts overwhelming packer demand if COVID-19 slows/stops some processing.

US$ +.7%  99.54

DOW -445 23504

SP -63 2783

NAS -123 8393

Tran -174 8003

  VIX +3.04  40.80

 

WTI -101 2639

Brent -160 2800

Gas unch 72

NG -6 159

HO -2 93

Eth unch 95

Gold -26 1743

Slvr -48 1564

 

2-yr -.020 0.205%

5-yr -.075 0.342%

10yr -.115 0.635%

30yr -.140 1.271%

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