Market Closes - April 7, 2020

Posted on Apr 7, 2020

Corn May +4 331; Jly +4 337; Dec +3 351 (348-54)

Bean May -1 855; Jly unch 861; Nov +1 867 (865-72)

  Meal -3 294

  Oil +65 2748

Wheat May -6 549; Jly -3 547 (541-50); Dec -2 558

  KC -2 473; MGE -2 524

Oats +1 274

Rice -34 1434

All cattle futures closed up daily limit of $4.50; hog contracts through October settled up $3.00 limit.

LC Apr 8832; Aug 8932; Oct 9482; Feb 10330

FC Apr 11492; Aug 12100; Oct 12402; Jan 12420

LH Apr 4412; May 4837; Jly 5777; Oct 5670

Milk Apr +27 1415; May +75 limit 1258 

 

CBOT futures closed widely mixed with strength in soybean oil and corn futures. Corn closed higher but about 3 cents below the day’s highs and was supported by short-covering after corn had generally moved lower for 7 trading days. Early strength in energy futures was also helpful; but crude oil sold off in the afternoon. Wheat futures opened steady, sold off overnight, and then recovered during the day session to limit the losses. Wheat was pressured in part by Monday afternoon’s USDA crop condition rating which showed the US winter wheat crop at 62% good/excellent, up 2% from last year. Soybean futures closed steady as soybean meal and soyoil moved in opposite directions. May Meal fell below the March lows – now $42/ton below the highs and only $3 above the contract low. The weekly continuation meal chart has support at $285 (the February low). USDA’s WASDE Report comes out midday on Thursday.

Live cattle and feeder cattle futures closed up today’s $4.50 daily price limit. Tomorrow the limits are $4.50 for LC and $6.75 in FC. Cattle were supported by light cash trade at $105/cwt, about even with Friday’s market. April LC remain at a steep discount to cash. Boxed beef was mixed today with Choice ended down 2.17 at 227.88 and Select rose 2.72 to 217.75.

Lean Hog futures closed strongly higher with $3.00 limit-up moves through October LH. Today’s rally was probably technical in nature since cash hog prices are slipping and the pork cutout keeps falling as well. FOB Pork Cutout fell 2.96 to 54.73 with losses in every cut except ribs. Cash and April LH futures remain far apart and need to converge before contract expiration. Tomorrow, the daily limit for LH expands to $4.50/cwt.

US$ -.8%  99.97

Dow -26 22654  high today of 23617

SP -4 2659

NAS -26 7887

Tran +28 7865

VIX +1.54  46.78

 

WTI -129 2869

Brent -118 3187

Gas -5 65

NG +12 185

HO -2 103

Eth unch 87

Gold -10 1684

Slvr +31 1548

 

2-yr +.002 0.270%

5-yr +.027 0.473%

10yr +.048 0.726%

30yr +.028 1.313%

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