Market Closes - March 21, 2019

Posted on Mar 22, 2019

Corn May +5 376; Dec +3 399 (395-99)

Bean May +4 910; Nov +4 945 (938-46)

  Meal +4 315

  Oil -17 2910

Wheat May +2 466; Jly +1 471 (463-72)

  KC +3 447; MGE unch 571

Oats +6 281

Rice +14 1108

 

LC Apr +32 12990; Jun +52 12390; Aug +65 11997

FC Mar +52 14277; May +187 15400; Aug +127 15880

LH Apr +450 limit 7832; Jun +450 9475; Aug +450 9847

Milk Apr +29 1539; May +21 1552

Without any real fundamental support, CBOT futures closed mostly higher and near the day’s highs. The rally kicked in just before 10 am CT. Funds were generally buyers, covering some shorts. Most contracts reached new highs for the move off the early-March lows.

Live Cattle posted moderate gains with Feeder Cattle rallying stronger. These markets continue to be supported by bad feedlot conditions, weather-related death losses, strong beef demand from the financially-healthy consumer and soaring Lean Hog futures. Choice beef rose .64 to 229.31 and Select dropped .26 to 218.37. The Choice/Select spread is 10.94.

Lean Hog futures closed up the expanded limit of $4.50, although it took most of the day to get there. Traders are optimistic that China will have to buy large quantities of US pork as the rumors of hog losses in China seem to be rising. If they’re losing their hogs, they won’t need as much corn/soybean imports. The FOB Plant Pork cutout jumped 2.20 to 76.25. Loin value rose over 7 percent. Last Friday, this cutout was 68.89. On the weekly LH chart, the nearby price is only $5.00 from last summer’s $83 high and 2017’s high around $93. The LH market is now a speculator’s playground, dependent on the next news flash on China.

 

US$ +.4% 96.33

Dow +217 25963

SP +31 2855

NAS +110 7839

Tran +142 10286

  VIX -.28 13.63

 

WTI -36 5987

Brent -82 6768

Gas +1 193

NG unch 282

HO -2 198

Eth unch 141

Gold +7 1309

Slvr +16 1547

 

2-yr +.010 2.410%

5-yr +.005 2.341%

10yr +.002 2.539%

30yr -.010 2.965%

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