Market Closes - April 28, 2015

Posted on Apr 28, 2015
CBOT futures closed mixed with some active trading ranges in wheat and soybean futures. A weaker US Dollar was supportive as well as soybean export sales along with firmer cash export basis levels. Soybean futures did close higher but far below the day’s highs. Wheat futures sold off sharply early and then posted reversals to close higher, especially in KC/MGEX. Corn and wheat both hit new lows for this move. Corn didn’t rally like wheat since the weather is favorable for planting. The volatile price movement is due in part to large buying and selling activity by the funds.

Cattle futures closed higher, reversing Monday’s losses in Live Cattle. Market support came from the weaker US Dollar and stronger boxed beef values at midday. Beef cutouts did not finish the day quite as strong -- Choice up 0.83 at 257.72; Select unchanged at 247.98.

Lean Hog futures closed higher with the nearby May LH contract up strongly. Higher cash hog values supported May LH. But pork values didn’t join in, as FOB Plant Pork closed up .16 at 71.02. Lean Hog charts have positive appearances with new highs hit today. As bird flu cases grow in Iowa, psychological support for cattle and hogs may increase even if the true supply/demand impact is quite minimal at this time or could put more chicken on the domestic market.

Corn May unch 361; Jly unch 364; Dec -1 382 (381-85) Bean May +4 977; Jly +4 977; Nov +1 953 (951-63) Meal May +4 319; Oct +3 312 Oil -43 3123 Wheat Jly +3 476 (464-78); Dec +3 503 KC +7 503; MGE +7 541 Oats -2 235 Rice +11 996

LC Apr +52 16100; Jun +85 15112; Oct +42 15047 FC Apr +107 21597; May +95 21235; Aug +70 21387 LH May +147 7375; Jun +50 7990; Oct +10 7177 Milk May -13 1636; Jun -45 1636

 

US$ -.6% Dow +72 18110 SP +6 2115 NAS -5 5055 Tran +6 8810 VIX -.71 12.41 -5.4%

WTI -6 5693 Brent -31 6452 Gas -1 199 NG +2 253 HO -1 192 Eth -2 158 Gold +8 1211 Slvr +20 1659

2-yr +.022 0.567% 5-yr +.061 1.403% 10yr +.079 2.003% 30yr +.091 2.703% Lexington Auction (Tues) Weighted Average Report for 04/28/2015 Receipts: 1174 Last Week: 1149 Year Ago: 1155 Compared to yesterday steer calves sold steady to firm with some featherweights 5.00 higher and few 600-700 lbs 2.00 higher; over 700 lbs sold steady. Heifer calves sold steady to firm with good demand. Quality was average through good. Slaughter cows and slaughter bulls sold steady with good demand.

Today's supply included 45.1 percent that weighed over 600 lbs. 38.3 percent steers and 11 percent bull calves 3.3 percent Holstein Steers and 40.6 percent heifers of total recorded feeder supply. 82 head of slaughter cows with 93 percent going to slaughter. 13 head of slaughter bulls with 85 percent going to slaughter.

Tagged Post Topics Include: Economics, Market updates