Market Closes - April 19, 2021

Posted on Apr 19, 2021

Corn May +6 592 (588-97); Jly +7 580; Dec +8 520 (515-22)

Bean May +16 1450 (1435-54); Jly +14 1436; Nov +10 1284 (1272-88)

  Meal May +5 407 (402-09); Dec +4 395

  Oil -6 5627

Wheat May unch 652; Jly -1 654 (652-63); Dec unch 662

   KC +3 612; MGE unch 664

Oats unch 381

Rice -3 1284

 

LC Apr -50 12035; Aug -50 11865; Oct -25 12225

FC Apr -190 13772; Aug -177 15277; Oct -172 15555

LH May +317 10565; Jly +227 10197; Oct +255 8425

Milk Apr +3 1767; May +7 1911

 

Corn and soybeans closed strongly higher but mostly 4-5 cents below the highs. December corn and November soybeans made new contract highs. Tight 2020-21 carryouts with strong cash basis, a weaker U.S. dollar, and weather concerns for the U.S. (too cool) and Brazil (dry) were supportive. China’s corn futures market rallied overnight as data showed 5 times more corn was imported in March than a year earlier. The long corn position of over 400,000 contracts held by the spec funds is at a 10-year high, reportedly. Similarly, the funds have large longs in soybeans, meal and soybean oil. Wheat traders chose to ignore the freezing temperatures forecast for Kansas and nearby HRW areas, believe damage will be minimal. Tonight’s 6-10 and 8-14 day forecasts indicate the below-normal temps will be pushed into IA/MN and the Dakotas. This will be good news for those getting the warmup. https://www.cpc.ncep.noaa.gov/products/predictions/610day/

U.S Crop Progress
Corn is 8% planted vs 4% last week and 8% 5-yr avg.
   KY@ 26% is 8 pts ahead of normal. MO is 9 pts behind.

Soybeans are 3% planted vs 2% 5-year avg.

Winter Wheat Condition:
  53% good/excellent vs 53% week ago and 57% year ago.
  17% poor/v.poor vs 17% week ago and 13% year ago.

 

Cattle futures closed lower but well off the morning lows, resulting in mid-range settlements. Today’s losses mark the 7th straight day of lower closes in Live Cattle. The downward pressure came from long liquidation as the cash fed market could not strengthen to support the higher futures. Unfortunately, the beef packers are able to keep most of the profits; packer margins are reportedly estimated at $500/head. Choice edged up .12 to 276.17 and Select was up .03 at 269.13 on lighter beef movement. Negotiated cattle trade was not established.  Last week’s 5-market averages were $121.93/cwt live and $195.63/cwt dressed; both were near steady to the previous week.

Lean hog futures closed sharply higher, recouping most or more than last Friday’s losses. Last Thursday and Friday’s big losses left room for today’s rally. Strength came from data that showed China’s pork imports for March were up 22% from a year earlier. The Th/Fri sell-off was initiated by Thursday morning’s disappointing pork export sales report. FOB Plant Pork finished up 1.99 at 114.08, compared to 114.70 in the morning. Loin and rib values rose over 3%; belly value increased 2.5%.

US$ -.5% 91.08

Dow -123 34078

SP -22 4163

NAS -138 13915

Tran -121 14799

  VIX +1.04  17.29

 

WTI +35 6354

Brent +38 6715

Gas unch 205

NG +6 274

HO unch 190

Eth +13 214

Gold -6 1773

Slvr -23 2587

 

2-yr -.002 0.161%

5-yr +.009 0.832%

10yr +.035 1.608%

30yr +.033 2.296%

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