Market Closes - April 30, 2018

Posted on Apr 30, 2018

CBOT futures closed widely mixed with Chicago Wheat soaring and old-crop soybeans sliding lower, after trading higher Sunday night. Chicago Wheat continues to be supported by fund short-covering and continued dryness in much of the HRW wheat belt. Since corn and soybean futures have been strong, wheat futures haven’t had a chance for the huge global supplies to weigh the market down as the speculators had planned(traded). Several wheat contracts gapped higher on the opening, making the technical chart picture positive. Spring Wheat is only 10% planted, well below the 36% 5-yr avg.    

Corn closed higher but a few cents off the day’s highs. Corn was supported by dry weather affecting the Brazilian 2nd-crop corn. Soybean futures opened higher, peaked overnight and then trended lower into the close. November Soybeans topped at the same highs set in early April and mid-April; hopefully, November can bust through this strong chart resistance that would mark a triple-top.

Corn Planting Progress
.     4/29/18  5-yr average
U.S.   17%       27%  (32% last year)
KY     15%       35%  (40% last year)

Soybean Planting Progress
.     4/29/18  5-yr average
U.S.    5%        5%  (9% last year)
KY      1%        3%  (5% last year)

Winter Wheat Conditions – 18 States
.        Good/Excellent  Poor/V.Poor
This Week       33%          37%
Last Week       31%          37%
Last year       54%          13%

Cattle futures closed lower and near the day’s lows. Cattle gapped higher on the open, supported by Friday’s jump in cash cattle prices ($124 – 126). However, with today being the end of the month, traders were ready to lock in profits. So futures head south soon after the opening. Strong boxed beef values limited losses. CHOICE beef closed up a big 2.68 to 224.42 and Select gained .47 to 204.79; the choice-select price spread is 19.63.

Lean Hog futures closed narrowly mixed in quiet end-of-month trading. The pork market didn’t move much either -- FOB Plant Pork dropped .12 to 68.73.

A stronger US Dollar is negative for US exports.  The US$ Index hit its highest level since 1/11/18. See Chart HERE.


Corn May +3 392 (390-96); Dec +1 416 (415-18)

Bean May -7 1038 (1037-56); Nov -2 1045 (1041-58)

  Meal -1 392

  Oil -8 3035

Wheat May +17 512; Jly +12 510 (501-13)

   KC +6 518; MGE +11 618

Oats +4 225

Rice -2 1278

 

LC Apr -70 12375; Aug -145 10452; Oct -195 10745

FC May -185 14017; Aug -205 14620; Oct -195 14625

LH May +20 6630; Jly -35 7587; Oct +5 6452

Milk May +6 1513; Jun +7 1562

 

 

US$ +.3%

Dow -148 24163

SP -22 2648

NAS -54 7066

Tran -126 10424

  VIX +.65 16.06

 

WTI +47 6857

Brent +52 7516

Gas unch 213

NG -1 276

HO +1 215

Eth unch 145

Gold -7 1316

Slvr -14 1626

 

2-yr +.008 2.492%

5-yr -.007 2.794%

10yr -.006 2.951%

30yr -.008 3.117%

 

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