Market Closes - May 11, 2020

Posted on May 11, 2020

Corn Jly -1 318; Dec -1 335 (334-39)

Bean Jly +4 855; Nov +3 858 (854-65)

  Meal unch 290 (290-94)

  Oil -5 2649

Wheat Jly -5 517 (516-28); Dec -3 530

  KC -5 475; MGE +3 519

Oats +3 302 (300-04)

Rice +7 1540

 

LC Jun -197 9267; Oct -300 limit 9720; Dec -297 10472

FC May -425 12365; Aug -427 13267; Oct -392 13510

LH May -97 6632; Jun -142 6027; Oct -42 5410

Milk May +16 1171; Jun +75 limit 1443; Jly +75 1545

CBOT futures closed mixed and generally near the day’s lows ahead of Tuesday’s USDA WASDE Report. The weekend freeze didn’t concern traders. Soybean futures were supported by reported sales to China. Wheat was weighed down by disappointing export inspections.

U.S Crop Progress
Corn is 67% planted vs 51% last week and 56% 5-yr avg.
   24% of U.S. corn is emerged, compared to 22% 5-year average.

Soybeans are 38% planted vs 23% last week and 23% 5-yr avg.

Winter Wheat Condition:
  53% good/excellent vs 55% week ago and 64% year ago.
  16% poor/v.poor vs 14% week ago and 8% year ago.

Spring wheat planted is 42% vs 63% for 5-yr average.

 

LC Jun -197 9267; Oct -300 limit 9720; Dec -297 10472

FC May -425 12365; Aug -427 13267; Oct -392 13510

LH May -97 6632; Jun -142 6027; Oct -42 5410

Cattle futures closed sharply lower with August and October LC down the daily limit. Limit will be $4.50 tomorrow. Prices were pressured by continued plant closures and Friday’s negative price action. Today’s slaughter is estimated at 86,000 head, up 11,000 from last week, but 33,000 head below a year ago. Cash trade is not established this week, but USDA reported last week’s average fed steer price at $100.04 (range $95-115) and dressed fed steer at $159.40 (range $150-180). Last week’s slaughter was up 6.35% week/week and down 32.2% from year earlier. Total beef production of 368 million pounds is 31% below a year ago. The Daily Livestock Report said the last 5 week’s of beef production was 481 million pounds (retail wt basis) less than the same period in 2019 – the equivalent of “12,000 full truckloads of product”. Choice beef rose 7.70 to 468.58 and Select gained 3.98 to 452.97 – both are record highs. Choice-Select = 15.61.

Lean hog futures closed moderately lower, continuing the trend lower seen last week. Hog slaughter bounced back today better than did cattle slaughter. Estimated receipts of 357,000 head is up 87,000 from last Monday and only down 101,000 head compared to the year-ago number. Last week, hog slaughter recovered 15.3% week/week, but remained 24.2% below the year-ago level. Sow slaughter (2 weeks ago) was up 14% from year ago. Pork production of 381 million pounds is down 24% from last year. FOB Plant Pork rose 5.16 to 121.66 with all cuts except ham higher on the day. Bellies rose 6% to 219.34. Loins and picnics were up 4%.

US$ +1.1%  100.22

Dow -109 24222

SP unch 2930

NAS +71 9192

Tran -98 8234

  VIX -.41   27.57

 

WTI -60 2414

Brent -98 2999

Gas -3 92

NG unch 183

HO -3 87

Eth +2 111

Gold -16 1698

Slvr -10 1568

 

2-yr +.028 0.177%

5-yr +.026 0.350%

10yr +.026 0.707%

30yr +.031 1.414%

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