Market Closes - May 1, 2018

Posted on May 1, 2018

After trading steady to lower overnight, futures moved sharply higher when trading reopened at 830 am CT and closed near the day’s highs. CBOT futures rallied despite a big .7% gain in the US Dollar Index and a sharp drop in energy futures.

CBOT gains were led by the soybean meal market and KC/Chicago wheat futures. The strong meal market supported corn futures as well. July Soymeal hit a new contract high while the July soybean oil contract made a new contract low. Soybean meal is in demand because of supply issues in Argentina. The spec funds were very active in the market, buying everything but soybean oil. Technically, corn futures have blown through the double-top resistance; December Corn is less than a dime from the contract high; July is 30 cents below it.

Live Cattle futures opened a little higher but quickly headed lower and made the day’s lows by 10:30 am. The market recovered after that, but failed in Feeder futures to end up with low-range closes.  Despite strength in boxed beef values, traders were cautious until cash trade is established. The rising CBOT market weighed on the Feeder Cattle futures.  Choice carcasses ended up 2.01 at 226.43; Select up 2.30 at 207.09.

Lean Hog futures closed higher in the May/June/July, but lower in deferred contracts. Gains in the nearby contracts was supported by rising pork cutouts and a 50-cent gain in cash hog price.  FOB Plant Pork gained .43 to 69.16.
 

Corn May +4 397 (391-97); Dec +4 420 (414-20)

Bean May +5 1-42 (1031-44); Nov +6 1050 (1038-51)

  Meal +11 403

  Oil -27 3008

Wheat Jly +19 529 (506-30); Dec +17 564

   KC Jly +15 553; MGE +8 623

Oats Jly +2 238

Rice -18 1288

 

LC Jun -27 10582; Oct -37 10707; Dec -70 11112

FC May -227 13790; Aug -272 14347; Oct -150 14475

LH May +115 6745; Aug -7 7580; Oct -90 6362

Milk May +5 1523; Jun -2 1567

 

US$ +.7%

Dow -64 24099

SP +7 2655

NAS +64 7131

Tran -35 10388

  VIX -.44  15.49

 

WTI -132 6725

Brent -137 7332

Gas -4 209

NG +4 280

HO +1 211

Eth unch 145

Gold -12 1307

Slvr -27 1604

2-yr +.020 2.508%

5-yr +.025 2.814%

10yr +.030 2.966%

30yr +.033 3.129%

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