Market Closes - April 29, 2019

Posted on Apr 29, 2019

USDA extended deadline to certify production for MFP payments to May 17 from May 1. Read More Here

Corn May +1 352; Dec unch 381 (381-85)

Bean May -6 847; Nov -7 881 (880-93)

  Meal -3 297

   Oil +36 2788

Wheat Jly -7 435 (434-47); Dec -6 461

  KC Jly -10 397; MGE -4 507

Oats Jly +3 297

Rice Jly +17 1062

 

LC Apr +22 12477; Jun -25 11480; Oct -25 11317

FC May -55 14340; Aug -177 15107; Oct -110 15337

LH May -222 8477; Jly -90 9255; Oct -127 8720

Milk May -13 1619; Jun -5 1634

Another bad day at the CME left futures at/near the day’s lows with soybeans, soybean meal and wheat futures hitting new contract lows. All of these futures, plus corn, traded higher overnight, but selling hit the market when the 830 a.m. session opened. Corn just had risen farther, so the selloff didn’t put corn in the RED zone. Corn futures made contract lows last Thursday before reversing to close higher, followed by nice gains on Friday. Corn found support from strong weekly export inspections, but inspections were disappointing for wheat and soybeans. Continued wet weather is also supportive for corn; as of yesterday, corn planting is 12 points behind “normal”. The CFTC reported Friday that as of last Tuesday, the speculative funds were record short corn and soybean futures. The commercials (grain buyers/users) have sizable long positions in corn and soybean futures.

Daily price limit for soybeans increased from 60 cents to 65 cents/bushel. The daily limit remains unchanged at 25 cents for corn and 35 cents for Chicago and KC wheat.

PLANTING PROGRESS

U.S. corn planting progress is 15 percent, compared to 15 percent a year ago, and the 5-year average of 27 percent. Kentucky has 28 percent planted compared to 14 percent last year and a 5-year average of 31 percent. U.S. soybean planting is 3 percent complete, compared to 5 percent a year ago, and the 5-year average of 6 percent.

U.S. wheat condition is 64 percent good/excellent, compared to 33 percent a year ago.

 

LC Apr +22 12477; Jun -25 11480; Oct -25 11317

FC May -55 14340; Aug -177 15107; Oct -110 15337

LH May -222 8477; Jly -90 9255; Oct -127 8720

Beyond the nearby April LC contract, cattle futures closed lower after testing the positive side of unchanged. Losses were limited, so this makes for two days of somewhat stable markets following the 2-day price crash. Feeder Cattle futures are off $8-9/cwt from a week ago. LC are $4-7/cwt lower. The selloff was magnified due to the speculative funds having a record long position as of last Tuesday, according to Friday’s CFTC report. Choice beef ended up .15 at 233.14 and Select dropped 1.69 to 217.72.

Lean Hog futures closed moderately lower as the selloff which started a week ago continued. Again this probably connected to the spec funds liquidating some of their long positions. Last Thursday’s weak pork export sales and lower cash hog prices today also weighed. Although pork was weak at midday, it closed higher -- FOB Plant Pork gained .72 to 84.99. A US/China trade deal can’t come quick enough as the Chinese import tariff on US pork is a big hurdle.

US$ -.2%  97.84

Dow +11 26554

SP +3 2943

NAS +15 8162

Tran -74 10807

  VIX +.38 13.11

 

WTI +20 6350

Brent -11 7204

Gas -2 203

NG +1 259

HO unch 205

Eth unch 134

Gold -7 1281

Slvr -16 1484

 

2-yr +.006 2.294%

5-yr +.017 2.312%

10yr +.023 2.527%

30yr +.029 2.955%

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