Market Closes - April 8, 2020
Posted on Apr 8, 2020Corn May -1 330; Jly -2 335; Dec -2 349 (348-53)
Bean May unch 854; Jly +1 862; Nov +1 868 (864-73)
Meal -1 293
Oil -30 2718
Wheat May -1 548; Jly +1 548 (544-53); Dec +2 560
KC +5 478; MGE +5 530
Oats +1 275
Rice -2 1431
LC Apr +450 limit 9282; Jun +187 8667; Oct +297 9780
FC Apr +495 11987; Aug +655 12755; Oct +532 12935
LH Apr -100 4312; May -247 4590; Jly -92 5685; Oct -232 5437
Milk Apr -28 1376; May -75 limit 1183; Jun -39 1341
CBOT futures closed mostly narrowly mixed ahead of tomorrow’s monthly supply-demand report. Updates to the South American crop sizes may be most important. Tomorrow morning’s weekly export sales report will also affect prices. CBOT futures traded higher overnight, but headed south quickly after the 8:30 am opening. Corn futures were pressured by weekly reports showing weekly ethanol production at a record low as inventories rose to a new record high due to record-low gasoline demand. Technically, corn futures held above contract lows, but the trend is still down.
Both live cattle and feeder cattle futures closed sharply higher, adding to Tuesday’s limit-up moves. Cattle were supported by additional cash fed sales at $105/cwt, steady with early-week sales. This cash strength came despite a continued erosion in beef value. Boxed beef values fell sharply with Choice down 5.54 to 222.34 and Select down 5.98 to 211.77. Speculative short-covering added to the market rally.
Lean Hog futures closed moderately lower on weakness in the cash hog and pork markets. April LH’s discount to the CME LH Index limited its losses. FOB Plant Pork dropped another 3.32 to 51.41/cwt. Bellies and ribs fell 9%. It’s reported that the value of ribs and bellies have never been lower. Loin value dropped over 4% and picnics fell over 7%.
Energy markets will be watching for results of the scheduled meeting tomorrow between Russia and Saudi Arabia on their oil exports.
US$ +.2% 100.18
Dow +780 23434
SP +91 2750
NAS +204 8091
Tran +287 8152
VIX -3.35 43.35
WTI +148 3017
Brent +97 3284
Gas +3 68
NG -7 178
HO -2 101
Eth +3 89
Gold +1 1684
Slvr -27 1520
2-yr -.028 0.254%
5-yr -.016 0.467%
10yr +.030 0.764%
30yr +.041 1.371%
“Across Kentucky” podcast - Click Here
KENTUCKY CASH GRAIN PRICES – Click Here
KENTUCKY LIVESTOCK AUCTIONS -- Click Here
Comments