Market Closes - April 16, 2020

Posted on Apr 16, 2020

Corn May unch 320; Jly unch 326; Dec -2 341 (341-44)

Bean May -5 837; Jly -6 846; Nov -5 854 (854-64)

Meal unch 292

  Oil -25 2630

Wheat May -10 530; Jly -10 530 (529-44); Dec -10 544

  KC -9 470; MGE -8 506

Oats +4 289

Rice +13 1432

 

LC Apr +77 9550; Jun +165 8647; Oct +42 9540

FC Apr +245 11825; Aug +190 12862; Oct +177 13050

LH May -212 3732; Jly -65 5107; Oct -92 5107

Milk Apr -29 1340; May -25 1093; Jun -28 1205

CBOT futures closed steady to lower with closing prices near the day’s lows. Corn managed steady closes in old-crop contracts but the news remains the same – and bearish. December Corn made a new contract low. Soybean futures traded higher overnight but fell off the ledge at the 830 am opening. The market is pressured by weakening demand, domestically and for export. This morning’s weekly export sales report had soybeans at a 2019/20 marketing year low. China is still buying Brazilian beans. The weaker Brazilian currency works against the U.S. Soybean futures made new lows for the current March/April downtrend. Wheat futures dropped a dime on missed export sales to Egypt and rain forecasts for Russia/Ukraine. Chicago and MPLS wheat made new lows not seen since March 19 when the wheat rally began.

Looking for more information on corn/bean demand destruction?   Read this article at Farm Futures.

Cattle futures closed higher with the April LC contract limited by light cash trade at $94-95/cwt ($105 last week). Reduce cattle slaughter continues to weigh on cash cattle price and lift boxed beef prices. Choice beef rose 5.34 to 235.87 and Select gained 3.76 to 225.98. Select and Choice rib, chuck, and loin cuts firm to higher while round cuts steady to firm. Beef exports for week ending April 9, reported this morning, were about 25% above the previous week.

Lean Hog futures closed lower with nearby May LH taking the hardest hit. The continued reduction in hog slaughter is weighing on the market despite stronger pork values. FOB Plant Pork jumped 3.76 to 55.86 as ham was the only cut which fell in value. Bellies soared 23% to 52.63 and loins rose over 10%. The weekly pork export sales report was strong at 45,700 MT with China purchasing over a third of the total.

US$ +.5% 100.10

Dow +33 23538

SP +16 2800

NAS +139 8532

Tran -21 7982

  VIX -.86 39.98

 

WTI -4 2600

Brent +63 2832

Gas -1 71

NG +9 169

HO +4 96

Eth unch 95

Gold -4 1736

Slvr +25 1575

2-yr +.002 0.207%

5-yr +.008 0.347%

10yr -.027 0.614%

30yr -.067 1.208%

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