Market Closes - April 26, 2018

Posted on Apr 26, 2018

CBOT futures closed steady to lower. Overnight strength gave way after USDA released its Weekly Export Sales report which was disappointing for corn and soybeans. Market reports indicate it’s been 2 weeks since China purchased U.S. soybeans. China is focused on Brazilian supplies, especially given the trade friction between the U.S. and China. Wheat futures closed much lower after the bullish momentum from Tues/Wed wore out; KC and MGEX wheat bounced off the lows to close mid-range. Weather should improve enough to see movement in Monday’s corn planting progress report. The US Dollar Index rose another .4% today, possibly starting a trend higher. The Index at 91.6 is over 7 percent below the year-ago level of 99.0.

Beyond the nearby April contracts, cattle futures closed lower and near the day’s lows. April LC was supported by rising beef values and firming cash cattle bids ($121 reported). CHOICE beef closed up 1.55 and Select gained 1.33 to 204.48.

Lean Hog futures closed lower, erasing yesterday’s gains. Futures were pressured by weaker pork values and concerns about rising harvest weights and receipts. FOB Plant Pork dropped .64 to 67.85 with a 5% drop in belly value.

 

Corn May unch 386 (384-87); Dec -1 411 (409-12)

Bean May unch 1028 (1024-34); Nov -1 1033 (1030-39)

  Meal +3 379

  Oil +2 3081

Wheat May -5 481; Jly -9 489 (487-504)

   KC -5 502; MGE unch 599

Oats -2 221

Rice -39 1271

 

LC Apr +60 12252; Aug -125 10402; Oct -120 10792

FC Apr +32 14017; Aug -92 14650; Oct -92 14755

LH May -122 6732; Aug -85 7775; Oct -80 6575

Milk May -4 1498; Jun -3 1547

 

US$ +.4%

Dow +239 24322

SP +28 2667

NAS +115 7119

Tran -94 10414

   VIX -1.51  16.33

 

WTI +14 6819

Brent +74 7474

Gas +2 211

NG +3 282

HO +2 216

Eth -1 146

Gold -5 1318

Slvr -1 1649

2-yr unch 2.488%

5-yr -.023 2.817%

10yr -.037 2.987%

30yr -.041 3.167%

 

     Central Illinois Soybean prices
    compared with value of oil and meal
* Reported by USDA-AMS, Springfield, IL

                      This week      Last year
                     Apr 26, 2018   Apr 27, 2017

Value of oil from
Bushel of soybeans       $3.46          3.54

Value of meal from
Bushel of soybeans       $8.99          7.21

Value of oil and meal   $12.45         10.76

Difference between
soybean price & value
of oil & meal            $2.30          1.34

Estimated Processing
Value (EPV)             $12.39         10.66

This table is presented for statistical comparison and is not intended to indicate operating margins.

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