Market Closes - April 17, 2019

Posted on Apr 17, 2019

Corn May -1 358; Dec -1 387 (385-88)

Bean May -9 879; Nov -9 912 (912-23)

   Meal -3 304

   Oil -26 2846

Wheat Jly +2 450 (448-54); Dec unch 474

  KC Jly +4 426; MGE +1 531

Oats Jly +1 279

Rice Jly +1 1073

 

LC Apr -22 12692; Jun -7 12237; Oct +27 12020

FC Apr -35 14532; Aug +25 16045; Oct +72 16202

LH May -5 8892; Jly -55 10062; Oct +35 9457

Milk May +14 1577; Jun +15 1595

Soybean, meal and soyoil futures all lost about one percent at the close. These contracts closed at/near the day’s lows. Soybean futures made new lows for the current downtrend off the February 1 top. May soybeans could test support at 871 and then look at 8.53.  Corn futures are only pennies above contract lows.  Wheat futures managed small gains on a corrective bounce to Tuesday’s large losses.  News reports this afternoon indicate that US and China are talking about a signing meeting by early June.

Cattle futures closed slightly lower nearby and posted small gains in August-forward contracts. Boxed beef values were mixed. Choice beef climbed .71 to 232.76 and Select fell .99 to 220.16.  USDA releases its monthly Cattle on Feed report tomorrow. Traders expect placements up 3.3% and April 1 on-feed inventory up 1.7% compared to a year earlier.

Lean Hog futures closed mixed with losses through August and dollar-plus gains in the December 2019 and beyond contracts. FOB Plant Pork ended up .47 at 87.00.  LH futures had wide trading ranges as price fell sharply in the first 45 minutes of trading. Traders will closely examine tomorrow’s weekly pork export sales report for signs of Chinese purchases. LH futures have priced in strong export demand.

US$ -.1%

Dow -3 26450

SP -7 2900

NAS -4 7996

Tran +109 10936

  VIX +.42 12.60

 

WTI -34 6385

Brent -10 7162

Gas +1 205

NG -7 250

HO -1 207

Eth +1 133

Gold unch 1277

Slvr +2 1494

 

2-yr -.014 2.402%

5-yr -.005 2.404%

10yr +.002 2.596%

30yr +.001 2.994%

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