Soy complex futures picked up where wheat left off yesterday, leading the CBOT to higher closing prices. The soy rally was fueled by strong short-covering as futures surpassed key moving averages. The May Soybean contract has strong resistance at $8.905. A surge in the Brazilian currency was supportive as it makes US beans more competitive. The grain/soy markets will deal with the USDA supply-demand update next Wednesday.

Cattle futures closed higher to end the week. Traders may have been encouraged by stronger beef values and ideas that cash trade would come in near steady to last week’s price. In boxed beef, Choice up 1.22 at 220.97; Select up 0.35 at 211.99. Today’s rally makes the cattle charts look better, ending this week’s lower bias.

Lean Hog futures also closed higher even with some weakness in pork and cash hog prices. FOB Plant Pork dropped .21 to 75.22. The June LH contract pushed to a new high for this 4-month rally; prices are testing June LH chart resistance at the October high of $81.625.

The U.S. equity markets continue to rally and are now about 10 percent above the early February lows. The SP500 Index hasn’t been above 2000 since January 6. A strong jobs report supported the market. Stocks also benefited from higher crude oil prices lifting energy stocks.

Corn May +2 358; Jly +2 363; Dec +2 378 Bean May +15 878; Jly +14 884; Nov +13 891 Meal +6 271 Oil +35 3096 Wheat May +1 461; Jly +1 467 KC +3 469; MGE unch 498 Oats -5 182 Rice unch 1050

LC Apr +97 13642; Jun +87 12650; Oct +77 12202 FC Mar +90 15850; May +127 15717; Aug +82 15707 LH Apr +62 7097; Jun +65 8135; Aug +32 8010 Milk Mar +1 1378; Apr +1 1353

 

US$ -.3% Dow +63 17007 SP +7 2000 NAS +10 4717 Tran +50 7652 VIX +.16 16.86

WTI +176 3633 Brent +182 3889 Gas +4 133 NG +3 167 HO +4 116 Eth +1 139 Gold +2 1260 Slvr +40 1554

2-yr +.021 0.866% 5-yr +.046 1.376% 10yr +.046 1.876% 30yr +.036 2.696%

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