Market Closes - April 8, 2015

Posted on Apr 8, 2015
CBOT futures ended the day steady to slightly lower. The outside markets pressured commodity prices. The US Dollar started the day weaker but staged strong rallies twice during the day to finish up .2%. The US$ is still 2.3 percent below its March peak. Also, crude oil futures crashed after the EIA reported crude inventories grew more than expected, now sitting at a 14-year high. Corn was also pressured by a disappointing weekly ethanol production estimate.

Once we get USDA’s updated WASDE forecasts tomorrow, traders will focus on the weather and the pace of field work.

Cattle futures closed lower as Monday’s bearish price reversals continue to encourage selling, especially in the Feeder Cattle. Live Cattle dropped despite a very strong boxed beef market today. This leaves the April LC contract over $5.00/cwt discount to last Friday’s cash trade. Choice Beef ended up 2.16 at 259.14, but Select slipped .18 to 251.05.

Beyond the nearby April contract, Lean Hog futures closed higher as traders remain hopeful that cash hog prices will begin to rise. April LH futures are at a premium to cash price. The trend of lower slaughter weights continues. FOB Plant Pork closed up .32 at 65.64. A very good discussion of the current pork cutout situation is provided in today’s Daily Livestock Report, CME Group.   To read, Click Here.

Corn May -4 379; Jly -4 387; Dec -3 405 Bean May unch 971; Jly unch 976; Nov -3 960 Meal May unch 320; Oct -1 315 Oil -8 3095 Wheat May unch 526; Jly -1 524 KC -4 566; MGE -3 585 Oats -3 270 Rice -10 1057

LC Apr -145 16155; Oct -20 15037; Dec -12 15122 FC Apr -145 21622; Aug -137 21492; Oct -117 21330 LH Apr -27 6230; Jun +75 7710; Oct +77 7082 Milk Apr +1 1565; May -2 1587

US$ +.2%

Dow +27 17902 SP +6 2082 NAS +41 4951 Tran +61 8669 VIX -.80 13.98

WTI -356 5042 Brent -300 5610 Gas -11 175 NG -6 262 HO -9 170 Eth -2 159 Gold -7 1203 Slvr -33 1651

2-yr +.012 0.536% 5-yr +.019 1.347% 10yr +.013 1.906% 30yr unch 2.530%

Tagged Post Topics Include: Economics, Market updates