Market Closes - April 4, 2019

Posted on Apr 4, 2019

Corn May +2 365; Dec +1 392 (390-93)

Bean May +8 906; Nov +7 939 (929-40)

  Meal +1 312

  Oil +40 2920

Wheat Jly -1 474 (471-80); Dec unch 495

  KC Jly +2 445; MGE -6 536

Oats Jly +1 279

Rice -12 1055

 

LC Apr +177 12755; Aug +245 11822; Oct +212 11850

FC Apr +157 14632; Aug +285 15720; Oct +197 15900

LH Apr +50 7957; Jun +300 9785; Aug +275 10022

Milk Apr +2 1582; May +5 1572

 

Corn and soybean futures closed higher on fund buying, unfavorable weather forecasts and strong soybean export sales. Support also came from the President’s positive comments on the trade negotiations. The spec funds have a huge short position in corn and a more manageable one in soybeans.

Live and feeder cattle futures closed strongly higher. Futures were supported by firm boxed beef values, trader optimism on a China trade deal, the strong rally in lean hog futures, and by prices moving above key moving averages. Packers are generally bidding $124/cwt at the feedlot. April LC is at a strong premium to that. Choice beef gained .60 to 226.74 and Select dropped .61 to 218.36.

Beyond the soon-to-expire April LH contract, LH futures closed sharply higher. The US/China trade news today has been on the positive side. However, today’s weekly export sales report was disappointing for pork; no pork was sold to China. The FOB Plant Pork cutout was up 1.96 to 82.22 with all primals posting good gains.  

US$ +.3%

Dow +166 26385

SP +6 2879

NAS -4 7892

Tran +46 10688

  VIX -.16 13.58

 

WTI -33 6219

Brent +9 6940

Gas -1 194

NG -3 264

HO +1 201

Eth -1 130

Gold -1 1289

Slvr -2 1508

 

2-yr +.006 2.339%

5-yr -.002 2.318%

10yr -.004 2.513%

30yr -.008 2.921%

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