Market Closes - March 24, 2020

Posted on Mar 24, 2020

Corn May +4 347; Jly +2 352; Dec +1 365 (359-68)

Bean May +3 887; Jly +2 887; Nov +2 875 (867-77)

  Meal -1 332

  oil +41 2655

Wheat May -1 561; Jly unch 555 (544-56); Dec unch 562

  KC +1 491; MGE +5 535

oats +1 269

rice +4 1328 

 

LC all contracts up the expanded $4.50 daily limit

  Apr 106.15; Jun 97.02; Oct 101.50; Dec 105.70

FC  beyond the March contract, all up the expanded $6.75 limit

  Mar +500 13022; Apr 130.07; Aug 135.05

LH Apr +185 6642; Jun +205 7300; Aug +157 7392 

Milk Apr unch 1608; May -10 1511

CBOT futures closed steady to slightly higher today after Monday’s strong market. Futures tested lower levels and came back to close higher. Soybean meal ended barely lower, pausing after a huge 4-day rally of around $35/ton. The soybean and meal market continue to be supported by both domestic feed demand and potential Chinese export business. Declining DDGS production is supportive to meal, but weighs on corn futures. However, with rising cattle prices, more corn could go into feed. Today’s higher energy markets and weaker US Dollar was favorable.  

For the second day in a row, cattle futures closed up the daily limit (which was expanded for today’s trade and will be at these limits again tomorrow). Cattle futures are trying to catch up with the cash markets which have benefitted from the soaring boxed beef values last week and on Monday. Today was mixed, as Choice Beef dropped 1.01 to 256.31 and Select rose .34 to 245.48. Market reports have feedlots offering $125/cwt, compared to $110 last week. Packer margins are sufficiently large, they can afford to pay more.

Lean Hog futures closed strongly higher, rising for the sixth straight day. April LH has risen to the highs last seen in mid-February. Lean Hogs were supported by the limit-up moves in cattle futures and recent strength in the pork cutout. Gains in LH were limited by its premium to the CME Lean Hog Index. FOB Plant Pork dropped 1.46 to 82.05. Bellies dropped nearly 13%; butts rose 5% and ribs gained nearly 4%. 

US$ -.4% 101.70

Dow +2113 20705 - largest 1-day percentage gain since 1933. 

SP +210 1447

NAS +557 7418

Tran +837 7541

  VIX +.08 61.67 

 

WTI +103 2439

Brent +54 2757

Gas +4 45

NG +8 168

HO +8 109

Eth -1 87

Gold +98 1666

Slvr +113 1439

 

2-yr +.088 0.382%

5-yr +.119 0.516%

10yr +.075 0.842%

30yr +.044 1.390%

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