Market Closes - March 31, 2020

Posted on Mar 31, 2020

Corn May unch 341; Jly -1 346; Dec -2 357 (353-62)

Bean May +4 886; Jly +3 889; Nov +3 877 (871-81)

  Meal -4 321

  Oil +14 2701

Wheat May -1 569; Jly +4 562 (553-68); Dec +6 573

   KC +6 493; MGE +4 539

Oats +3 264

Rice -6 1403

 

LC Apr +262 10182; Aug +297 9360; Oct +252 9695

FC Apr +187 12192; Aug +197 12890; Oct +155 12940

LH Apr -175 5220; Jun +55 6032; Aug +230 6540

Milk Apr -37 1449; May -41 1274

CBOT futures closed mixed but mostly in the upper portion of the day’s trading ranges. The market got through the midday release of USDA’s Prospective Plantings and Quarterly Grain Stocks reports without getting shaken. The corn stocks report was smaller than expected and was supportive; soybeans and wheat were near expectations. The 2020 plantings numbers did surprise traders but they have already dismissed them considering how the markets and the world has changed this month. New-crop corn futures traded down to new contract lows before recovering to limit its losses. Soybean and wheat futures have been trading sideways for a few days. Traders will be watching for Chinese purchases and the weather forecast as it affects planting season.

Cattle futures posted strong gains today, following three bad days of price action. Today’s strength was credited to bargain hunting with futures at such a discount to the cash market. The sharp gains came mostly during the last 20 minutes of trading. Boxed beef values continue to weaken as grocery demand has apparently slowed relative to large beef production. Choice beef fell 2.67 to 248.30 and Select lost 3.81 to 234.33. Since June LC closed up the limit $3.00, so LC will have a $4.50 limit tomorrow. 

Lean Hog futures closed very widely mixed with the nearby April LH losing $1.75 after 3 previous days of limit-down action. The April reached previous lows set mid-March. Even though April LH is around $13/cwt lower than the Lean Hog Index, traders are following the pork cutout’s direction. FOB Plant Pork slid 5.67 to 65.04 as every primal lost significant value. Ham value fell 20 percent; belly value dropped 8 percent. After today’s big loss, the pork cutout has fallen over $18/cwt in six business days. Like beef, grocer/retail demand has slowed once consumers wound down their panic buying.

 

US$ -.3% 98.93

Dow -410 21917

SP -42 2585

NAS -74 7700

Tran -59 7732

  VIX -3.54 53.54

 

WTI +39 2048

Brent -2 2274

Gas -1 57

NG unch 163

HO -1 101

Eth -3 91

Gold -39 1583

Slvr +2 1416

 

2-yr +.025 0.253%

5-yr -.004 0.374%

10yr -.003 0.668%

30yr +.031 1.316%

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