Market Closes - March 18, 2020

Posted on Mar 18, 2020

Corn May -9 335; Jly -8 342; Dec -5 358 (355-63)

Bean May +1 825; Jly +2 833; Nov -1 842 (837-55)

  Meal +6 304

  oil -20 2504 

Wheat May +9 508; Jly +8 508 (495-512); Dec +9 525

  KC +14 446; MGE unch 509

oats +2 255

rice +34 1429 

 

LC Apr -425 9210; Aug -292 8665; Oct -405 8945

FC Mar -97 11257; May -332 10852; Aug -442 11490

LH Apr -32 5815; Jun -312 6730; Aug -152 7052

Milk Apr -29 1570; May -38 1509

Like Tuesday, CBOT futures closed mixed and corn was the downside leader. Corn continued to be pressured by the negative ethanol market situation which will lead to increased corn stocks. Crude oil crashed today, so that also weighed on corn. Soybean futures rallied Tuesday evening and again this morning, but faded and closed near the day’s lows. Soybean meal strength lifted bean futures but soybean oil offset it. KC and Chicago wheat futures made big gains today after ending near steady Tuesday. Analysts are suggesting that there are importers who need to buy soon. Tomorrow’s export sales report will be closely examined. 

Cattle futures ended mostly sharply lower, in great contrast to Tuesday huge gains. Live Cattle rallied at the open but quickly headed south, trending lower into the close. So the rally mostly vanished even as boxed beef values rose sharply again today. Choice gained 7.31 to 247.24 and Select rose 9.18 to 238.50. Outside markets were bearish. 

Beyond the nearly April Lean Hog contract, LH futures closed sharply lower. Again the bearish stock market and other economic turmoil weighed on prices. FOB Plant Pork gained .48 to 74.90. Loin value fell over 4 percent and bellies fell nearly 4 percent. That was offset by big gains other cuts — butt, picnic and ribs. 

US$ +1.52 100.92 

Dow -1338 19899

SP -131 2398

NAS -345 6990

Tran -497 6971

  VIX +.54 76.45

 

WTI -650 2083

brent -385 2488

gas -7 64

NG -12 160

HO -8 95

eth -8 95

gold -48 1478

slvr -72 1177 

 

2-yr +.079 0.540%

5-yr +.144 0.794%

10yr +.187 1.183%

30yr +.184 1.764%