Market Closes - April 7, 2020
Posted on Apr 7, 2020Corn 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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