Market Closes - April 18, 2019
Posted on Apr 18, 2019Futures CLOSED on Good Friday
Corn May unch 358; Dec unch 386 (385-87)
Bean May +1 880; Nov +1 913 (910-15)
Meal -1 303
Oil +34 2880
Wheat Jly -2 448 (443-51); Dec -3 471
KC Jly unch 426; MGE -2 529
Oats Jly -1 278
Rice -5 1067
LC Apr +160 12852; Jun +30 12267; Oct -10 12010
FC Apr +37 14570; Aug +22 16067; Oct +37 16240
LH May +127 9020; Jly -7 10055; Oct -22 9435
Milk May unch 1569; Jun +7 1595
Going into the 3-day Easter Weekend, CBOT futures closed narrowly mixed, in most cases. There’s little new for traders to act on and the spec funds already have large short positions in place. Soybean futures moved to new lows early in the session, but headed higher at 9:30 am. Soybean oil saved the beans today. Today’s weekly export sales report was negative.
Cattle futures closed mostly higher and near the day’s highs. The April LC rose strongly on sizable gains in the cash fed market going into the long weekend. Choice beef gained .30 to 233.06 and Select dropped .70 to 219.46. This afternoon’s Cattle on Feed report showed bigger placements and on-feed inventories than expected. This could weigh on futures on Monday. The April 1 on-feed inventory is the largest April 1st estimate since 1996 when such estimates began. This morning’s weekly beef export sales report was very positive.
Lean Hog futures closed mixed with the nearby May and June LH contracts posting nice gains. LH trading ranges were nearly $3.00/cwt today as volatility increased. LH hit its lows around 9:10 am and then rallied strongly. The nearby LH was supported by a stronger pork cutout and strong pork export sales reported before the opening. China represented about 58% of the 40,300 MT in sales. YTD, China has a fourth of total pork export sales, compared to 4% a year ago. FOB Plant Pork climbed .85 to 87.85 with ribs and bellies up 1.5 percent.
US$ +.4% 97.46
Dow +110 26560
SP +5 2905
NAS +2 7998
Tran +53 10988
VIX -.51 12.09
WTI +18 6405
Brent +35 7197
Gas +3 207
NG -2 249
HO unch 207
Eth unch 133
Gold +1 1278
Slvr +3 1496
2-yr -.022 2.380%
5-yr -.032 2.369%
10yr -.032 2.560%
30yr -.033 2.959%
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