Market Closes - April 20, 2020

Posted on Apr 20, 2020

Corn May -8 314; Jly -7 322; Dec -6 337 (336-43)

Bean May -6 826; Jly -6 836; Nov -5 846 (845-55)

  Meal -3 286

  Oil -31 2598

Wheat May +15 549; Jly +14 547 (535-61); Dec +12 559

  KC +16 495; MGE +4 511

Oats +5 293

Rice +6 1456

 

LC Apr -112 9352; Aug -100 9010; Oct -77 9535

FC Apr -120 11832; Aug -75 12765; Oct -75 13007

LH May +267 4060; Jly +185 5377; Oct +142 5357

Milk Apr unch 1341; May -19 1091; Jun -25 1191

CBOT futures closed widely mixed with wheat futures on the winning side. Wheat futures soared through early morning on weather concerns and export limits possible in the Russia/Ukraine area. Wheat could only manage mid-range closes. The U.S. winter wheat condition report showed the portion rated good/excellent fell from 62% to 57%, suggesting some freeze damage occurred last week. Corn collapsed on pressure from the sharp drop in crude oil futures and disappointing weekly export inspections. The energy markets will weigh on U.S. ethanol production for months. Corn fell through last week’s lows to make new contract lows and low closes. Soybeans are down for six straight days with May SB down 40 cents and November SB down 30 cents. Soybeans were pressured by the energy markets, corn futures and weaker soybean meal. Cattle and hog feeders are slowing weight gains due to interrupted processing schedules as workers become infected with COVID. Last week’s cattle slaughter was down 6.3% from the previous week and 21.7% from a year ago. Hog slaughter was down 7.1% week/week and down 6.2% year/year. Soybean exports are slow as China ships record amounts from South America. Hopefully, China will turn to the U.S. at some point.

U.S. corn is 7% planted compared to 9% average. U.S. soybean planted is 2% done versus 1% average. KY even has 9% of its soybean acres planted compared to 1% last year.

Cattle futures closed moderately lower, and close to the day’s lows. Although cash steers traded around $105 on Friday, traders remain concerned about enough plant capacity to handle the market-ready supplies. Sharp losses in energy, grains and equities probably weighed on futures. The cutback in cattle receipts is driving boxed beef values higher. Choice beef soared 9.39 to 248.38 and Select gained 10.79 to 237.99.  Only 110 loads were traded. Last week’s cattle slaughter was down 6.3% from the previous week and 21.7% from a year ago.

Lean hog futures closed strongly higher with the nearer contracts leading the way. Hog futures are supported by a soaring pork cutout. FOB Plant Pork increased over 10%, or 6.55, to 66.68. All cuts were strongly higher with bellies up 37% to 81.32. Hog slaughtering capacity remains a problem with COVID-related shutdowns and slowdowns. Hog slaughter was down 7.1% week/week and down 6.2% year/year.

US$ +.2% 99.95

Dow -592 23650

SP -51 2823

NAS -89 8561

Tran -264 7970

  VIX +5.68 43.83

 

WTI JUNE -381 2122

  The expiring May contract traded as low as negative $40/barrel.

Brent -206 2602

Gas -4 67

NG +18 194

HO -6 89

Eth -4 93

Gold +12 1711

Slvr +32 1561

 

2-yr unch 0.206%

5-yr -.014 0.350%

10yr -.040 0.616%

30yr -.051 1.227%

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