Market Closes - May 1, 2019

Posted on May 1, 2019

Corn May +7 360; Dec +5 386 (381-87)

Bean May -2 839; Nov -2 873 (866-78)

  Meal unch 296

  Oil -20 2738

Wheat Jly +7 436 (428-38); Dec +4 459

  KC Jly +6 400; MGE +5 512

Oats Jly +6 295

Rice -2 1056

 

LC Jun -37 11387; Oct -62 11170; Dec -25 11577

FC May -22 14137; Aug +7 14922; Oct -50 15110

LH May +280 8710; Jly +300 limit 9537; Oct +300 8875

Milk May +7 1615; Jun +6 1627

CBOT futures closed mixed with corn leading the way higher on growing concerns that planting progress will be very slow in the Corn Belt due to wet soils and a cool and rainy forecast into mid-May (or longer).  See 6-10 day Outlook here. The strong corn rally after mid-morning helped soybean futures cut its losses. Today’s rally was tied to short-covering by the funds and ideas that the US/China trade deal will happen. New contract lows were traded today in old-crop soybeans and meal.

Cattle futures closed mostly lower, albeit by small amounts. LC and FC traded higher most of the morning, but dropped hard once the corn rally accelerated. Lower cash cattle prices and weaker boxed beef values weighed on the market as long liquidation hangs over the market. Choice beef dropped 1.62 to 230.22 and Select lost .71 to 217.50.

Lean Hog futures closed sharply higher to LIMIT UP. This strong move wasn’t supported by cash hog prices or pork values. It appeared to be traders rushing back into the LH market after having liquidated some longs the past 7 trading days. Optimism that the US/China trade deal will happen pretty soon lifted the market. FOB Plant Pork was up in the morning but closed down .23 to81.99.

The FOMC said today that it was not changing its key interest rate. However, U.S. equity traders were disappointed in the FOMC statement’s language and sold off abruptly.

US$ +.15%

Dow -163 26430

SP -22 2924

NAS -46 8050

Tran -185 10662

  VIX +1.45 14.57

 

WTI -29 6369

Brent +12 7218

Gas unch 206

NG +4 262

HO +2 209

Eth unch 133

Gold -1 1284

Slvr -25 1464

 

2-yr +.042 2.310%

5-yr +.025 2.307%

10yr  unch 2.507%

30yr -.025 2.912%

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