Market Closes - March 30, 2015

Posted on Mar 30, 2015
CBOT futures closed steady to much higher. The 3 major commodities soared when markets opened at 830 am CT. While corn and wheat maintained strength throughout the day, the soy complex collapsed after Noon. So corn/wheat closed at/near the day’s highs and soybeans closed near the day’s lows. Notice the wheat contracts are now approaching the key resistance levels established by the February and March highs. As I discussed last week, wheat futures may be charting a head-and-shoulders bottom; if the “neckline” is broken, the July CBOT Wheat contract is pointed toward $6.10. Wheat futures rallied on disappointing rainfall in the Plains. The 14-day forecast maps don’t suggest this will change. Likewise, above-normal rainfall in the Corn Belt will slow fieldwork. Temperatures are forecast to be above normal.

USDA releases its key Prospective Plantings and Grain Stocks reports at Noon EDT. The average trade guesses for Plantings are: Corn, 88.7 million acres; Soybean, 85.9 million acres. For March 1 stocks, the guesses are: Corn 7.6 billion bushels; Soybean, 1.34 billion.

Cattle futures closed mixed. Boxed beef values did not hold the very strong values reported midday. Choice carcasses up 0.90 at 251.70; Select up 0.91 at 247.62.

Lean Hog futures closed higher with the deferred contracts strongly higher on Friday’s Hogs & Pigs Report showing the breeding herd smaller than expected. Pork cutouts were basically unchanged.

Corn May +3 394; Jly +3 402; Dec +3 418 Bean May unch 968; Jly +1 973; Nov unch 949 Meal May +2 323; Oct +1 315 Oil -11 3049 Wheat May +22 530; JLy +21 533 KC Jly +23 581; MGE +15 595 Oats -2 270 Rice +13 1112

LC Apr -12 16250; Jun unch 15297; Oct +7 15177 FC Apr -65 21862; Aug -32 21890; Nov +5 21545 LH Apr +17 6130; Jun +55 7555; Oct +157 6850 Milk Apr +6 1559; May +34 1579

US$ +.6%

Dow +264 17976 SP +25 4947 NAS +56 4947 Tran +88 8788 VIX -.56 14.51 -3.7%

WTI -13 4874 Brent +3 5644 Gas unch 179 NG unch 264 HO +1 173 Eth +4 154 Gold -14 1185 Slvr -38 1669

2-yr unch 0.583% 5-yr -.008 1.409% 10yr +.005 1.953% 30yr +.025 2.552%

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Tagged Post Topics Include: Economics, Market updates