Market Closes - March 10, 2020

Posted on Mar 10, 2020

Corn May +5 377; Jly +4 379; Dec +4 380 (378-81)

Bean May +6 876; Jly +5 884; Nov +5 891 (890-99)

  Meal +1 302

  Oil +13 2767

Wheat May +3 511; Jly +3 521 (514-24)

  KC +4 445; MGE -2 519

Oats +7 275

Rice +11 1285

 

LC Apr +260 10545; Aug +160 9967; Oct +110 10430

FC Mar +155 12775; May +310 12975; Aug +292 13692

LH Apr +200 6500; Jun +195 7930; Aug +125 7935

Milk Mar +3 1633; Apr +4 1585

Today was a turnaround Tuesday as commodity and equity markets erased part of Monday’s losses. It appeared that commodity traders took a cue from the U.S. stock markets which rallied early, fell back to unchanged before noon, then rallied strongly into the closing bell. Signs that the U.S. government will offer some type of tax relief to consumers and other economic stimulus encouraged bargain hunting and short-covering. Most analysts expect market volatility to continue so today’s strong up day could be gone with a new headline. The coronavirus continues to spread in the U.S. and impacting more people and activities (cancellations).

Cattle futures closed higher, but well of the day’s highs. Technically, futures rallied high enough to close the bearish down gaps created Monday.  Choice beef slipped .27 to 207.09 and Select dropped 3.61 to 198.71. Cattle futures close trading two hours before the stock market closes; so the full stock rally didn’t impact cattle futures. In the monthly WASDE report, USDA lowered 2020 beef export prospects, while raising production forecasts.

Lean Hog futures closed higher but well below the limit-up highs seen in the first hour of trading. LH spent the day drifting back down and closed near the day’s lows. FOB Plant Pork edged up .01 to 67.96. USDA raised both 2020 production and exports (up 23% from 2019 to a record 7.75 billion pounds) in its WASDE report.

US$ +1.2% 96.5

Dow +1167 25018

SP +136 2882

NAS +394 8344

Tran +437 8521

  VIX -7.16 47.30

 

WTI +323 3436

Brent +286 3722

Gas +2 116

NG +16 194

HO +9 125

Eth +3 124

Gold -15 1660

Slvr -9 1691

 

2-yr +.189 0.536%

5-yr +.238 0.664%

10yr +.308 0.806%

30yr +.351 1.288%

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