Market Closes - April 23, 2020

Posted on Apr 23, 2020

Corn May +2 319; Jly +1 326; Dec +2 339 (335-43)

Bean May +4 839; Jly +4 847; Nov +1 848 (845-57)

  Meal unch 289

  Oil +4 2561

Wheat May +4 547; Jly +1 545 (539-52)

  KC -4 485; MGE +2 505

Oats -8 295 May; Jly +5 281

Rice +85 1667

 

LC Apr -300 8595; Jun -100 8292; Oct +7 9355

FC Apr +95 11942; Aug -82 12637; Oct -112 12847

LH May +375 5097; Jly +317 5437; Oct +217 5360

Milk Apr -22 1319; May +28 1080; Jun +39 1144

CBOT futures closed mixed and well off the day’s highs. Early strength on talk of Chinese purchases and a strong crude oil rally faded away after the weekly USDA Export Sales report proved disappointing. It’s reported that China wants to build its domestic grain/soybean reserves and traders thought it could show up in U.S. sales. China has bought some U.S. soybeans but didn’t show up in corn. Wheat futures continue to look to dry weather in Europe/Russia/Ukraine for support, but world stocks are burdensome.

Cattle futures were mostly lower, although a few contracts posted small gains. Nearby Live Cattle were pressured by the ongoing problem with plant closures due to COVID-19. Through Wednesday, slaughter is running about 30,000 behind last week and 100,000 head behind a year ago. Reduced slaughter has driven boxed beef to record highs today with Choice up 8.54 to 284.29 and Select up 11.87 to 272.89. Cattle traded $100 live and averaged $157 carcass-based (high of $160). Weekly beef export sales were disappointing, the lowest weekly total since early January. The monthly Cattle on Feed report comes out Friday afternoon. The average trade guess is for April 1 on-feed to be down 4.8% from year ago with feedlot placements down 18% in March.

Lean hog futures closed sharply higher on soaring pork values as hog slaughter is restricted due to plant closures. Hogs processed number about 8% fewer than last week. FOB Plant Pork rose sharply again, up 3.39 to 76.37, as all cuts were higher. Bellies and ribs up 4%, Loins up 5%, butts up 9% and picnics up 16%. Six days ago, the cutout was 60.13. Pork export sales came in 10% below the previous week. YTD 2020 export sales are 54% ahead of last year’s pace.

 

US$ steady  100.52

Dow +39 23515

SP -2 2798

NAS -1 8495

Tran +111 7952

  VIX -.86 41.12

 

WTI +310 1688

Brent +141 2178

Gas unch 63

NG -12 182

HO -1 72

Eth +1 93

Gold +14 1752

Slvr +5 1538

 

2-yr +.008 0.219%

5-yr -.002 0.362%

10yr -.022 0.597%

30yr -.044 1.176%

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