Market Closes - April 25, 2018

Posted on Apr 25, 2018

CBOT futures closed higher with KC/Chicago wheat leading the way by adding to Tuesday’s big gains. Buying in wheat was supported by limited rainfall in the southern Plains and what appeared to be technical buying (short covering) as prices pushed through the 200-day average and last week’s highs. Corn gained 5-6 cents/bushel on spillover from the wheat market and from fund buying. Corn and wheat futures closed at/near the day’s highs. Soybean futures closed a nickel higher thanks to the strength in soybean meal; however, soybean oil hit a new low for the current downtrend. Today’s strength overcame the stronger US Dollar which should weigh on the market.

Cattle futures closed moderately higher but near the day’s highs. Market support came from the continued strength in boxed beef values. Choice Beef finished up .88 at 218.53 and Select gained 1.04 to 203.15. Cash cattle have yet to trade.

Lean Hog futures closed higher and near the day highs with support from higher pork values and the CME LH Index.  Price corrected higher after prices fell a combined $2-3/cwt through Tuesday. FOB Plant Pork gained .41 to 68.49 on stronger values for picnics and bellies.  This is way short of the midday quote of 69.54 when bellies were up nearly 7 percent.
 

Corn May +5 386 (380-87); Dec +6 412 (406-12)

Bean May +5 1027 (1020-33); Nov +6 1035 (1027-39)

  Meal +4 376

  Oil -22 3079

Wheat May +14 486; Jly +15 499 (484-501)

   KC +14 507; MGE +7 599

Oats -1 223

Rice -2 1310

 

LC Apr +82 12192; Aug +35 10527; Oct +47 10912

FC Apr +75 13985; Aug +95 14742; Oct +82 14847

LH May +110 6855; Jly +42 7842; Oct +40 6655

Milk May -15 1498; Jun -11 1544


US$ +.5%

Dow +60 24084

SP +5 2639

NAS -4 7004

Tran +108 10508

   VIX -.18 17.84

 

WTI +31 6801

Brent +16 7402

Gas -1 209

NG +1 279

HO +1 214

Eth unch 147

Gold -9 1324

Slvr -18 1652

 

2-yr +.011 2.492%

5-yr +.029 2.840%

10yr +.048 3.031%

30yr +.041 3.210%

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