Market Closes - March 11, 2020

Posted on Mar 11, 2020

Corn May -3 374; Jly -3 376; Dec -3 377 (376-80)

Bean May -3 873; Jly -4 880; Nov -5 887 (885-98)

  Meal unch 302

  Oil -14 2753

Wheat May -9 513; Jly -8 513 (512-23)

  KC -9 435; MGE -7 512

Oats unch 274

Rice +13 1298

 

LC Apr -237 10307; Aug -300 limit 9667; Oct -300 10130

FC Mar -442 12332; May -450 limit 12525; Aug -450 13242

LH Apr -112 6387; Jun -50 7880; Aug +17 7952

Milk Mar -3 1630; Apr -1 1584

Ag futures again came under pressure from a sharply lower equity market fueled by expanding COVID-19 cases, event cancellations and school closures. Traders and the public alike await firm news from the Trump Administration on actions to be taken to mitigate the health and economic impacts of the coronavirus in America. U.S. equity indexes traded below Monday’s lows and reached so-called “bear” territory (over 20% below the market top set in February).

Cattle futures tried to build on Tuesday’s sharp rally, but succumbed to the downdraft in U.S. equities. LC futures traded back to Monday’s lows. The downtrend is intact. Feeder Cattle futures hit new contract lows. Nearby FC futures have fallen $25/cwt since early January. Choice beef rose .08 to 207.17 and Select dropped 2.22 to 196.49.  The Choice-Select Spread is 10.68.

Lean Hog futures held up much better than did cattle futures. FOB Plant Pork rose .86 to 68.82 with bellies up nearly 7%. Hog traders will closely examine tomorrow morning’s export sales report. Pork exports have been very strong.

US$ +.3% 96.55

Dow -1467 23551

SP -141 2741

NAS -392 7952

Tran -395 8126

  VIX +6.54 53.84

 

WTI -123 3313

Brent -117 3605

Gas -5 111

NG -6 188

HO unch 124

Eth -2 122

Gold -25 1635

Slvr -22 1669

 

2-yr +.027 0.518%

5-yr +.066 0.681%

10yr +.116 0.868%

30yr +.151 1.384%

“Across Kentucky” podcast  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here