Market Closes - April 18, 2018

Posted on Apr 18, 2018

CBOT futures closed mixed with corn and soybeans reversing Tuesday’s direction, while wheat added to its gains. The markets have little new information to trade on as forecasts suggest improving Corn Belt conditions but less rainfall in the southern Plains. The wheat rally is a short-covering move after wheat futures have fallen sharply since the April 9-10 peak. Global wheat supplies are burdensome. Soybean futures dropped under pressure from the weaker soybean meal market. Corn benefitted from higher ethanol futures as energy prices rose sharply. A move up in precious metal prices may signal traders are looking to position themselves as “risk-on” and expecting a pickup for inflation. Thursday morning’s Export Sales report will be closely watched.

Cattle futures closed higher with the nearby April LC contract gaining nearly a dollar/cwt, supported by cattle trading on the Fed Cattle Exchange today as high as $122/cwt. Choice beef closed down .49 at 211.64 and Select lost 1.01 to 198.57. At midday, Choice was up .54.

Through the August contract, Lean Hog futures closed sharply higher. Yesterday’s and today’s stronger cash hog market lifted the futures market. Summer contracts traded to new highs not seen since March. After being up 1.35 at midday, FOB Plant Pork closed up only 0.25 due to big losses in values for loins, hams and bellies.

US crude oil futures soar nearly 3 percent to a 3-year high – since December 2014. Buying was encouraged by drops in inventories of crude oil, gasoline and diesel fuels. Also in traders’ minds is geopolitical uncertainty in the Middle East.

Corn May +3 383; Jly +2 392; Dec +2 408 (405-09)

Bean May -4 1042; Jly -4 1053; Nov unch 1046 (1042-53)

  Meal -4 377

   Oil +24 3143

Wheat May +9 475; Jly +8 489 (480-90)

  KC +8 489; MGE +5 618

Oats +7 236

Rice +2 1317

 

LC Apr +92 11897; Aug +70 10515; Oct +67 10947

FC Apr +7 13880; Aug +112 14620; Oct +127 14820

LH May +195 6985; Jly +182 8105; Oct +80 6872

Milk May -1 1494; Jun -4 1533

 

US$ +.1%

Dow -39 24748

SP +2 2709

NAS +14 7295

Tran +178 10770

 VIX +.34 15.59

 

WTI +225 6876

Brent +223 7381

Gas +3 207

NG +1 274

HO +5 210

Eth +3 150

Gold +3 1352

Slvr +42 1720

2-yr +.045 2.431% - highest since 2008

5-yr +.057 2.733%

10yr +.059 2.873%

30yr +.062 3.060%

 

Lexington Auction (Tues)
Weighted Average Report for 04/17/2018

    Receipts:  1269    Last Week:  1329    Year Ago:  960

Compared to last Tuesday steer calves sold steady and yearling sters sold 2.00 to 3.00 higher with good demand.  Heifer calves under 500 lbs sold steady to 2.00 lower; over 500 lbs sold steady to 3.00 higher.  Quality was good through attractive.  Slaughter cows sold 1.00 to 2.00 lower and slaughter bulls sold steady with moderate demand.

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