Market Closes - April 27, 2020

Posted on Apr 27, 2020

Corn May -10 305; Jly -10 313; Dec -7 329 (328-36)

Bean May -3 829; Jly -3 836; Nov -1 840 (839-49)

  Meal -2 285

  Oil -6 2499

Wheat May -6 521; Jly -6 525 (521-33); Dec -4 536

  KC -4 470; MGE -5 494

Oats +2 305

Rice +36 1697

 

LC Apr -17 8480; Aug +150 9040; Oct +130 9577

FC Apr +60 12040; Aug +87 12727; Oct +75 12967

LH May +375 5627; Jly +375 5842; Oct +370 5767

Milk Apr -2 1318; May +54 1134; Jun +36 1202

CBOT futures closed mostly lower to sharply lower in corn. Futures were pressured by sharply lower crude oil futures, lack of export sales, fast corn planting progress and the problem of livestock backing up in the marketing channel due to COVID-19 reduced plant capacity. These are the same factors we’ve looking at for a while. Traders expected corn progress to be 22%, but it came in 27% nationally. Corn futures traded to new contract low closes, but didn’t break below the lows from April 21.

U.S Crop Progress

Corn is 27% planted vs 7% last week and 20% 5-yr avg.

   Far ahead of average are: KY, IA, MN.

   Far behind average is Missouri.

3% of U.S. corn is emerged, compared to 4% 5-year average.

Soybeans are 8% planted vs 2% last week and 4% 5-yr avg.

Winter Wheat Condition:

  54% good/excellent vs 57% week ago and 64% year ago.

  15% poor/v.poor vs 13% week ago and 8% year ago.

Spring wheat planted is 14% vs 29% for 5-yr average.
 

LC Apr -17 8480; Aug +150 9040; Oct +130 9577

FC Apr +60 12040; Aug +87 12727; Oct +75 12967

LH May +375 LIMIT 5627; Jly +375 LIMIT 5842; Oct +370 5767

Beyond the nearby April LC contract, cattle futures closed higher on ideas the worst has been priced in. April LC will expire on Thursday and is at a sharp discount to last week’s average prices of $97 live and $154/cwt carcass. No market trend established today. Today’s estimated slaughter is only 2/3 of the year-ago level. Last week’s total slaughter of 469,000 head was 27% below the year-ago levels. Total beef production of 385 million pounds was 7% below the previous week and 25% below a year ago. Choice beef was up 18.47 to 311.84 and Select up 19.76 to 298.78; both of these are record high cutout values. These gains are on top of $52-54 gains last week.

Check out today’s Daily Livestock Slaughter report for quick summaries of each livestock market and insightful charts.   Click HERE.


Lean hog futures closed sharply higher to LIMIT UP on trader optimism that China will make large purchases. The value of pork continues to rise sharply as plant operating problems hinders harvest of hogs. Last week’s slaughter was down 11% from a week earlier and down 15% from a year earlier. FOB Plant Pork up 6.23 to 83.71 with bellies up 13.71 to 107.50, hams up 9.00 to 58.42 and butts up 13.99 to 95.14. Note that the May LH has built a sharp premium to the CME LH Index representing cash. May LH has rallied $21/cwt off the April 14 low. This contract traded $85-90 last Sep/Oct/Nov.  

 

US$ -.2%  100.06

Dow +359 24134

SP +42 2878

NAS +96 8730

Tran +225 8317

  VIX -2.64  33.29

 

WTI -416 1278 JUNE

Brent -144 2000

Gas -1 65

NG +7 182

HO -4 61

Eth -1 95

Gold -12 1724

Slvr -5 1521

2-yr +.010 0.226%

5-yr +.043 0.407%

10yr +.068 0.664%

30yr +.082 1.261%

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