Market Closes - April 7, 2015

Posted on Apr 7, 2015
CBOT futures closed lower except for Oats. Wheat rallied to positive prices during the morning but peaked about noon ET and slid lower the rest of the day. A stronger US Dollar weighed on markets even as crude oil futures erased morning losses to close higher. Soybean futures were pressured by weakness in soybean meal and soybean oil markets. The large South American soybean harvest has capped the soy markets. Corn futures continue to gyrate within the sideways price channel present since January.

Traders are preparing for Thursday’s WASDE update for fresh ending stocks forecasts for both the U.S. and the World. Average trade guesses look for corn stocks to be 1.851 billion bushels and soybean stocks at 371 million.

Cattle futures closed mixed with Feeder Cattle down sharply but Live Cattle recovered from its morning losses. Initial selling was follow-through action from Monday’s bearish price-reversals. Strength in boxed beef along with April LC’s discount to Friday’s $167+ cash trade helped to lift LC futures. Choice Beef closed up .50 at 256.98 and Select was down .32 at 251.23. Feeders sold $2-4/cwt lower in Lexington (see report below).

Lean Hog futures traded both sides of unchanged today but the nearby April LH contract closed moderately lower on concerns about the cash markets. FOB Plant Pork was down .38 at 65.32 as bellies dropped 5%. April LH futures’ premium to cash prices also weighed on this market.

Corn May -2 383; Jly -2 391; Dec -2 408 Bean May -7 971; Jly -7 976; Nov -5 963 Meal May -3 320; Oct -2 316 Oil -23 3103 Wheat May -2 526; Jly -3 525; Dec -3 547 KC -6 570; MGE -6 589 Oats +4 273 Rice -14 1068

LC Apr +55 16300; Oct +27 15057; Dec +37 15135 FC Apr -212 21767; Aug -145 21630; Oct -152 21447 LH Apr -67 6257; Jun -25 7635; Oct +2 7005 Milk Apr +2 1564; May +25 1590

US$ +.8%

Dow -5 17875 SP -4 2076 NAS -7 4910 Tran +41 8608 VIX -.04 14.70

WTI +99 5313 Brent +37 5849 Gas -1 183 NG +1 266 HO unch 177 Eth -1 161 Gold -9 1209 Slvr -28 1683

2-yr +.024 0.524% 5-yr +.020 1.324% 10yr -.015 1.886% 30yr -.045 2.521%

Lexington Auction (Tues) Weighted Average Report for 04/07/2015 Receipts: 1186 Yesterday: 936 Year Ago: 891 Compared to yesterday steer calves under 500 lbs sold 2.00 to 4.00 lower with moderate demand over 500 lbs sold steady with good demand. Yearlings sold 2.00 to 4.00 lower in a limited comparison. Heifer calves under 600 lbs sold 2.00 to 4.00 lower with moderate demand over 600 lbs sold steady to weak. Yearling heifers lightly tested. Slaughter cows and slaughter bulls sold steady to weak with moderate demand.

This week’s supply included 50 percent that weighed over 600 lbs. 46 percent steers and 15 percent bull calves 0.0 percent Holstein Steers and 40 percent heifers of total recorded feeder supply. 86 head of slaughter cows with 90 percent going to slaughter. 17 head of slaughter bulls with 94 percent going to slaughter.

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Tagged Post Topics Include: Economics, Market updates