Market Closes - April 9, 2020

Posted on Apr 9, 2020

KY Farm Bureau COVID-19 Resources

Corn May +2 332; Jly +1 337; Dec +1 351 (347-52)

Bean May +9 863; Jly +9 871; Nov +8 876 (867-77)

Meal unch 292

  Oil +23 2741

Wheat May +8 556; Jly +9 557 (546-59); Dec +8 568

  KC +14 492; MGE +2 532

Oats -1 274

Rice +20 1452

 

LC Apr +117 9400; Jun -230 8437; Oct -115 9665

FC Apr -35 11952; Aug +132 12887; Oct +55 12990

LH Apr -32 4280; May -247 4342; Jly -210 5475; Oct -210 5227

Milk Apr -22 1356; May -36 1147; Jun -36 1290
 

Futures markets are closed tomorrow for Good Friday.

CBOT futures closed steady to strongly higher following today’s USDA WASDE Report. Corn finished in the upper range but only 1-2 cents higher. Corn was weighed down by falling crude oil futures and a 200 million bushel increase in U.S. ending corn stocks for 2019/20 to 2.092 billion. Corn actually rallied after the WASDE was released; it showed corn for ethanol down by 355 million bushels and a 150 million bushel increase in feed corn use. Soybeans closed strongly higher and near the day’s highs and the week’s highs. USDA raised ending stocks by 50 million to 480 million bushels; the average trade guess was for 430. May Soybeans only gained 9 cents this week; it was held back by a $10/ton drop in May Soybean Meal. Meal futures tested key chart support and stayed above it; hopefully next week, meal futures can rally and keep the soybean rally going. Mostly we need to see China make more purchases. USDA cut exports 50 million bushels from last month; soybean crush was raised 20 million bushels to a record-large 2.125 billion bushels. Despite a rise in U.S. and World ending stocks of wheat, wheat futures rallied strongly today based in part on concerns for frost/freeze damage in the Plains the first half of next week.

Live cattle closed lower beyond the April contract and feeder cattle futures finished mixed. April was supported by its sharp discount to this week’s cash trade around $104/cwt. Deferred LC closed lower after two strong days. Traders are concerned that beef packing plants will have operations curtailed. Week-to-date slaughter is 50,000 head behind last week. Choice beef edged up .33 to 222.67 and Select fell 4.20 to 207.57, which widens the Ch-Sel Spread to 15.10. Weekly beef export sales were only 15,800 MT, down 13 percent from a week ago.

Beyond the soon-to-expire April LH contract, lean hogs closed sharply lower in unusually narrow trading ranges. As with cattle, traders remain concerned hog processing could be reduced due to labor shortages and COVID-19 procedures. FOB Plant Pork faded .34 to 51.07. Ham value rose over 6%, while picnics dropped over 20%. Belly value was steady. Great news for pork exports this morning could not help the futures market. Sales of 55,900 MT were up 47% from a week ago and the highest for this marketing year; China bought 69% of the total.
 

US$ -.6% 99.54

Dow +286 23719

SP +40 2790

NAS +63 8154

Tran +85 8237

  VIX -1.68 41.67

 

WTI -135 2882

Brent -136 3148

Gas unch 68

NG -5 173

HO -4 97

Eth +4 94

Gold +68 1753

Slvr +85 1605

 

2-yr -.025 0.231%

5-yr -.057 0.411%

10yr -.035 0.729%

30yr -.011 1.353%

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