Market Closes - March 9, 2020

Posted on Mar 9, 2020

Corn May -3 373; Jly -4 375; Dec -5 376 (374-78)

Bean May -21 870; Jly -21 879; Nov -19 886 (884-900)

  Meal -5 300

  Oil -121 2754

Wheat May +3 519; Jly +2 519 (506-22)

  KC -5 441; MGE -4 521

Oats -1 267

Rice -17 1274

 

LC Apr -290 10285; Aug -300 limit 9807; Oct -300 10320

FC all contracts down 450 daily limit

   Mar 12620; May 12665; Aug 13400; Oct 13620

LH Apr -292 6300; Jun -240 7735; Aug -270 7810

Milk Mar -5 1632; Apr -23 1580

The markets closed sharply lower – hit by a combination of rising COVID-19 cases in America and elsewhere and a collapse in the crude oil future markets. The crude price crash also helped drive equity prices lower; the crash resulted from an expected oil price war initiated by Saudia Arabia and aimed at Russia for not agreeing last week to production cuts. Fear of recession in major economies added to the market downturn.

Soybean oil futures led the soybean market lower as soybean oil fell in sympathy with crude oil. Nearby March soybean oil fell to a new contract low – below last May’s low. Corn bounced back from its lows set early in the trading day. Wheat recovered even stronger than corn on the weaker US Dollar.

Cattle futures close at or very close to down the daily trading limits -- $3.00 in Live Cattle and $4.50 in Feeder Cattle. Choice beef slipped .11 to 207.36 and Select dipped .25 to 202.32. Given the wealth destruction in the equity markets and recession fears, there was little to support this market. LC and FC opened limit-down, then rallied after 9:00 am CT before testing limit-down by 10:00 am. 

Lean Hog futures also closed sharply lower although not limit-down. LH found support from this morning’s report that China’s pork imports were up in January and February. FOB Plant Pork gained 1.09 to 67.95 with 3% gains in the values of ribs and bellies.

US$ -1.1%  95.05

Dow -2014 23851

SP -226 2747

NAS -625 7951

Tran -873 8083

  VIX +12.5 54.46

 

WTI -1104 3024

Brent -1181 3346

Gas -27 112

NG +11 182

HO -24 115

Eth -1 123

Gold +8 1681

Slvr -33 1688

 

2-yr -.092 0.385%

5-yr -.074 0.480%

10yr -.165 0.542%

30yr -.217 0.998%

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