Market Closes - April 8, 2020

Posted on Apr 8, 2020

Corn 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%

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