Market Closes - April 22, 2019

Posted on Apr 22, 2019

Corn May -4 355; Dec -4 382 (382-87)

Bean May -3 877; Nov -4 910 (909-16)

  Meal -1 302

  Oil -10 2870

Wheat Jly -6 442 (441-48); Dec -6 465

  KC jly -7 418; MGE -11 518

Oats +2 280

Rice +3 1070

 

LC Apr -2 12850; Jun -110 12157; Oct -107 11902

FC May -72 15080; Aug -105 15962; Oct -137 16102

LH May -117 8902; Jly -257 9797; Oct -142 9292

Milk May +15 1584; Jun +9 1604

CBOT futures closed lower and near the day’s lows on fund selling and a lack of positive fundamentals. The speculators are record short corn futures and big shorts in other soy and wheat contracts. The “trend is their friend” and they’re playing with already huge profits. Corn, KC Wheat and MGE Wheat closed at new contract lows. Soybeans, meal and soyoil, and Chicago Wheat remain above contract lows. The world has abundant supplies of grain and oilseeds.

U.S. corn planting progress is 6 percent, compared to 5 percent a year ago, and the 5-year average of 12 percent. Kentucky has 17 percent planted compared to 9 percent last year and a 5-year average of 18 percent.

U.S. wheat condition is 62 percent good/excellent, compared to 31 percent a year ago.

Cattle futures closed lower following Thursday’s negative Cattle on Feed Report. April LC finished near unchanged on Friday’s strong cash cattle market and today’s strength in boxed beef values. Choice ended up .83 at 234.48 and Select jumped 2.15 to 222.64. The spec funds have a huge long position in Live Cattle futures.

Lean Hog futures closed sharply lower and at/near the day’s lows. As LH futures fell below their 20-day moving averages, additional profit-taking may have held prices down into the close. Traders continue to look for big export sales to China due to its ASF losses. FOB Plant Pork gained .62 to 87.86. Ham value rose 5% and Belly value fell over 2%. 

 

US$ -.1%

Dow -48 26511

SP +3 2908

NAS +17 8015

Tran -11 10977

  VIX +.30 12.39

 

WTI +148 6555

Brent +207 7404

Gas +6 213

NG +3 252

HO +3 210

Eth unch 133

Gold +2 1278

Slvr +2 1497

 

2-yr +.005 2.389%

5-yr +.017 2.386%

10yr +.031 2.589%

30yr +.032 2.991%

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