Market Closes - April 30, 2020

Posted on Apr 30, 2020

Corn May +7 311; Jly +5 320; Dec +4 337 (331-39)

Bean May +18 850; Jly +18 855; Nov +13 858 (844-59)

Meal +6 290

  Oil +45 2623

Wheat May +10 530; Jly +8 524 (507-25); Dec +6 536

  KC +14 482; MGE +8 500

Oats unch 307

Rice Jly +11 1479

 

LC Apr +440 9000 (last day); Jun +167 8595; Oct +70 9632

FC Apr -37 11917 (last day); May -145 11710; Aug -195 12650

LH May +285 5912; Jly +202 6050; Oct +130 5780

Milk May -27 1137; Jun -19 1244

CBOT futures closed strongly higher today, led by the soybean market. Many factors contributed to the strong market. Best of all was strong weekly soybean export sales in this morning’s report with sales to China and hopes for that to continue. Added support came from a weaker US Dollar, sharply higher energy futures and technical buying from the recent chart reversal patterns. Corn and soybean futures barely traded lower before exploding higher when CME opened again at 830 a.m. CT. Wheat futures moved lower on disappointing export sales, but soon turned around to follow corn and soybeans higher. Traders will keep an eye on rain forecasts in Europe/Ukraine/Russia as well as in the Plains. Univ of KY has reported on freeze damage to some Kentucky wheat; you’re encourage to scout your fields.

Live cattle futures closed higher while feeder futures lost value. The April LC contract expired today at $90/cwt, about $5/cwt discount to cash trade. Cash trade has been light at $95/cwt live. Dressed prices range $147-160/cwt and averaged $153. LC was supported by another sharp gain in boxed beef values tied to reduced beef production in packing plants. Choice beef gained 10.18 to 367.56 and Select rose 10.25 to 350.16 – new record highs. Weekly beef export sales were on the light side.  

Lean hog futures closed sharply higher on rising pork values and strong weekly pork export sales. Sales were up about 25% from last week; China accounted for around 70%. FOB Plant Pork soared 9.99 to 100.72. The loin value rose 20.20 to 128.70. Other cuts rose sharply as well.

US$ -.5%  99.03

Dow -288 24346

SP -27 2912

NAS -25 8890

Tran -251 8377

  VIX +2.92 34.15

 

WTI +378 1884

Brent +273 2527

Gas -3 70

NG -2 179

HO +4 73

Eth -2 101

Gold -19 1694

Slvr -26 1490

 

2-yr -.005 0.194%

5-yr -.006 0.356%

10yr +.012 0.639%

30yr +.044 1.287%

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