Market Closes - April 30, 2019
Posted on Apr 30, 2019Corn 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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