Market Closes - April 21, 2020

Posted on Apr 21, 2020

Corn May -5 309; Jly -5 317; Dec -5 332 (325-37)

Bean May +4 831; Jly +4 841; Nov +2 848 (831-50)

  Meal +3 289

  Oil -63 2535

Wheat May -2 547; Jly -1 546 (540-55); Dec -3 556

  KC +1 497; MGE -6 505

Oats +3 297

Rice +58 1514

 

LC Apr -192 9160; Aug -160 8850; Oct -157 9377

FC Apr -42 11790; Aug -75 12690; Oct -52 12955

LH May +367 4427; Jly -85 5292; Oct -100 5257

Milk Apr -4 1337; May -53 1038; Jun -75 limit 1116

 

CBOT futures closed mixed as the market continues to deal with sharply lower energy futures and less feed demand as livestock slaughter is hindered by COVID labor issues. The RFA estimates that 46% of ethanol capacity is shut down. CBOT futures dropped sharply after the 830 am opening but managed to recover significantly by the close. Soybean meal saved the bean market today. Corn, soybeans and soymeal futures traded new contract lows today. Wheat futures remain around 50 cents above the contract lows set in mid-March.

May Corn traded down to 3.01 which matches the previous low on the “continuation chart” established August 2016. Look at this chart to see that $3.00 has been chart support going back to 2006. A break below $3.00 carries added risk.

Live cattle closed moderately lower while feeder cattle had small losses. Cattle continue to be pressured by reduced cattle harvesting at plants due to COVID. Only 84,000 head were processed today and this week’s slaughter is already 21,000 behind last week. With less beef being processed and consumer demand holding up, boxed beef prices soared higher again. Choice beef rose by 11.47 to 259.85 and Select jumped 10.83 to 248.82. A low 78 number for loads traded. Some cash cattle traded at $95/cwt.

Lean Hog futures closed widely mixed with May and June LH higher. May LH was supported by the ongoing rally in the pork cutout. FOB Plant Pork rose strongly by 3.27 to 69.95. Ribs rose nearly 8% and belly value jumped over 16% to 94.91. Six days ago, bellies were 42.75.

US$ +.3%  100.21

Dow -632 23019

SP -87 2737

NAS -297 8263

Tran -125 7844

  VIX +1.58 45.41

 

WTI -886 1157 June

Brent -588 1969

Gas -16 51

NG -10 182

HO -16 73

Eth -4 89

Gold -23 1688

Slvr -74 1488

 

2-yr -.001 0.201%

5-yr -.021 0.331%

10yr -.063 0.563%

30yr -.079 1.156%

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