Market Closes - April 30, 2019

Posted on Apr 30, 2019

Corn May +1 353; Dec unch 381 (378-82)

Bean May -6 841; Nov -6 875 (872-84)

  Meal -1 296

  Oil -30 2758

Wheat Jly -6 429 (426-35); Dec -6 455

  KC Jly -3 394; MGE unch 507

Oats -9 288

Rice -4 1058

 

LC Apr -102 12375; Jun -55 11425; Oct -85 11232

FC May -180 14160; Aug -192 14915; Oct -177 15160

LH May -47 8430; Jly -17 9237; Oct -145 8575

Milk May -9 1612; Jun -15 1622

 

Today’s CBOT closes were much like Monday’s with corn finishing near steady and soybeans and wheat closing around 6 cents lower. Corn moved lower early on but turned around mid-morning, then closed strongly to get back to even money. Old-crop soybeans and wheat futures again traded to new contract lows. The market’s fundamentals and technical aspects remain the same as discussed yesterday. A Trump official said that the US/China deal will be resolved one way or the other within 2 weeks. Hopefully, the “way” is our way.

Cattle closed lower with the expiring April LC down $1.02. June LC dropped 0.55 to 114.25, or a $9.50 discount to the April.  June LC have now retraced over 50 percent of the 1-year rally that gained $20/cwt. Live Cattle futures were pressured by continued liquidation of the spec long positions. Expectations for weaker cash fed prices and lower boxed beef values also weighed. Choice beef fell 1.30 to 231.84 and Select gained .49 to 218.21. Feeder Cattle futures closed sharply lower and near the day’s lows. The May FC hit a new contract low.

Lean Hog futures closed lower on weaker pork values and continued selling by the spec longs. FOB Plant Pork closed down 2.77 at 82.22 with a 10 percent loss in belly value. Traders are anxious to learn of a US/China trade deal to spur pork exports.

US$ -.3%

Dow +39 26593

SP +3 2946

NAS -54 8095

Tran +40 10847

  VIX +.01 13.12

 

WTI -6 6344

Brent +76 7280

Gas +3 205

NG -2 257

HO +1 207

Eth -2 132

Gold +4 1285

Slvr +6 1490

 

2-yr -.030 2.268%

5-yr -.036 2.282%

10yr -.031 2.505%

30yr -.032 2.933%

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