Market Closes - March 30, 2020

Posted on Mar 30, 2020

Corn May -5 341; Jly -4 347; Dec -4 360 (358-65)

Bean May +1 882; Jly +1 886; Nov -2 874 (872-87)

  Meal +2 325

  Oil +2 2687

Wheat May -2 569; Jly +1 558 (552-65); Dec +3 567

  KC unch 487; MGE -2 535

Oats -4 261

Rice May +12 1409

 

LC Apr -175 9920; Aug +17 9062; Oct +10 9442

FC Apr -55 12005; Aug -17 12692; Oct -67 12785

LH Apr -450 limit 5395; Jun -447 5977; Aug -302 6310

Milk Apr -46 1486; May -72 1315

CBOT futures closed mostly steady to lower. The sharp fall in crude oil futures and the continuing shrinking of the ethanol industry weighed on both corn and soybean futures. Crude oil has fallen to levels not seen since 2002. The RFA estimates that around 19% of ethanol capacity is not processing corn. Ethanol has been hit by both the price war by Russia and Saudi Arabia, and reduced gasoline demand with the public being told to stay at home. Tomorrow is the last trading day of the month and USDA will release its Prospective Plantings report as well as the Quarterly Grain Stocks report.

Live cattle futures closed narrowly mixed except for the 2% loss in the nearby April LC. The market weakness which began last Thursday/Friday continued today as boxed beef values weakened on rising beef production (up nearly 13% year/year). Choice beef fell 1.87 to 250.97 and Select sank 4.24 to 238.14.  The collapse in lean hog futures also pressured April LC.

Lean hog futures closed down the expanded limit of $4.50/cwt. The April LH contract has lost all but $2.00 of its $16.00 March rally. Deferred LH hit new contract lows. Hog futures are collapsing under pressure from huge hog supplies (last week’s receipts were nearly 9% higher year/year) and falling pork values. FOB Plant Pork dropped 3.08 to 70.71. Belly value fell 20% to 41.12. Rib value fell 30% to 119.04. A slight offset was a 4% gain in loin value. China needs to take more of this supply.

US$ +.7%  99.02

Dow +691 22327

SP +85 2626

NAS +272 7774

Tran +92 7791

  VIX -8.46 57.08

 

WTI -142 2009

Brent -217 2276

Gas +1 59

NG unch 163

HO -5 102

Eth unch 94

Gold -3 1622

Slvr -40 1413

 

2-yr -.031 0.230%

5-yr -.008 0.416%

10yr -.018 0.726%

30yr +.004 1.339%

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