Market Closes - March 19, 2020

Posted on Mar 19, 2020

Corn May +10 345; Jly +9 351; Dec +5 363 (357-71)

Bean May +18 843; Jly +15 848; Nov +6 848 (840-60)

  Meal +11 315

  Oil +44 2548

Wheat May +27 535; Jly +24 532 (508-39); Dec +19 544

  KC +19 465; MGE +10 520 

oats +6 261

rice -37 1392

 

LC All contracts up $3.00 limit

   Apr 9510; Aug 8965; Oct 9245

FC All contracts up $4.50 limit

   Mar 11707; May 11302; Aug 11940

LH Apr +300 limit 6115; May +130 6000; Aug +140 7192 

Milk Apr +35 1602; May +18 1524 

CBOT futures closed strongly higher with wheat leading the way up. Corn reversed its recent downward trend and closed 5-10 higher. A nearly 4 percent jump in soybean meal futures led soybean futures higher after had remained near contract lows for 3 trading days. Corn and soybean futures closed mid-range, but wheat ended in the upper end of the range. Short-covering in corn and soybeans was supportive. Wheat added to yesterday’s gains as traders expect export sales. Even as the dollar rallied again, other outside markets (energy, stocks) encouraged buying of ag futures. The ethanol situation moved to the back burner today as traders anticipate more corn exports.

Live and Feeder cattle futures closed limit up on continued strong consumer demand for beef to cook and freeze at home. Cash steer prices are rising strongly as well as packers need cattle to meet demands from the grocers. Choice beef gained 2.63 to 249.87 and Select added 2.56 to 241.06. At some point, retail demand may soften as consumers focus on using what’s in the freezer.

Lean Hog futures rallied strongly, led by the nearby April LH contract. LH was supported by strong export sales and shipments to China; life is moving closer to normal in China.  FOB Plant Pork jumped 4.03 to 78.93. Loin value soared 11 percent; butt value rose 9 percent; picnics rose 8 percent; and ribs added nearly 3 percent in value. 

US$ +1.73  102.64

Dow +188 20087

SP +11 2409

NAS +161 7151

Tran +107 7079

  VIX -4.45 72.00

 

WTI +482 2565

brent +332 2820

gas +5 68

NG +5 165

HO +8 104

eth +6 101

gold -5 1473

slvr +37 1214 

 

2-yr -.071 0.459%

5-yr -.113 0.702%

10yr -.108 1.150%

30yr -.126 1.765%