Corn May +16 702 (681-704); Jly +4 648; Dec unch 546 (538-50)

Bean May -15 1542 (1538-74); Jly -11 1502; Nov -9 1319 (1314-31)

  Meal May +1 423 (417-27); Dec unch 402

  Oil May -296 6599; Dec -62 5031

Wheat May +12 737; Jly +6 729 (714-34); Dec +6 727

  KC -1 688; MGE +11 735

Oats -2 396

Rice +20 1337

 

LC Apr +52 11947; Aug +92 11740; Oct +50 12155

FC Apr +60 13447; Aug +97 14987; Oct +55 15282

LH May -255 10872; Jly -170 10625; Oct -115 8730

Milk May -4 1918; Jun +9 1973

 

CBOT futures closed mixed after a quite volatile trading day. The basic market fundamentals haven’t changed as far as weather impacts and expectations for rapid planting progress this week in most areas. Strong cash markets continues to support futures, especially corn. While corn bounced off the lows and finished near the day’s highs, soybeans did not. Soybean futures were pressured by a sharp drop in soybean oil prices. The May contracts are heading into their “delivery” period on Monday, so volatility may remain prevalent. One red flag for old-crop corn is the rising interest in feeding wheat to save money. The IGC repeated its forecast of record world wheat production.

Not accounting for the rain of the past two days, the Corn Belt saw more areas become drier on the weekly U.S. Drought Monitor Map.

Cattle futures closed higher except for a couple 2022 LC contracts and in the upper trading range. Cattle were supported by firmer boxed beef values and a good weekly beef export sales & shipments numbers this morning. Choice beef ended up 1.26 at 293.76 and Select gained .79 to 279.79 on a second day of strong movement. Negotiated cash trading was inactive following yesterday’s light trade at $118-120 and $190-191/cwt dressed. Because of plentiful slaughter numbers, packer margins reportedly remain near the $600/head level.
 

Comments from Daily Livestock Report, April 29, 2021 
“Year to date federally inspected beef cow slaughter is larger than a year ago by 19,100 head or 2.2%. The first quarter of 2021 was the largest first quarter beef cow slaughter figure since 2010, and that’s after a very large 2020 4th quarter value (largest 4th quarter since 2011). These large values imply the beef cow herd is experiencing culling at an increased rate and suggests the downward trajectory of the cattle cycle has not shifted.”  www.Dailylivestockreport.com

Lean hog futures closed considerably lower after making some contract highs yesterday. Sellers may have been taking profits on weaker cash hog prices and this morning’s weekly pork export sale showing China was a small buyer. However, the total sales for all countries was still strong. FOB Plant Pork ended down .66 at 107.55, far below the gain of 4.10 in the morning report. Packer margins have fallen to negative levels.

 

US$ +.1% 90.64

DOW +240 34060

SP +28 4211 – Record high

NAS +32 14083

Tran +132 15419

  VIX +.33 17.61

 

WTI +115 6501

Brent +120 6847

Gas +3 210

NG -5 291

HO +2 196

Eth unch 223

Gold -6 1768

Slvr -3 2605

 

2-yr -.002 0.164%

5-yr +.002 0.867%

10yr +.020 1.640%

30yr +.004 2.304%

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