Market Closes - May 12, 2016

Posted on May 12, 2016

CBOT futures closed mixed from sharply higher prices for corn and wheat to lower prices for soybeans and soybean oil.  The corn/soybean inverse price movement was supported by weather forecasts that increase the odds of acreage switching. Corn and wheat also found support from strong weekly export sales, while the soybean export sales were disappointing. The sharp drop in soybean oil futures also weighed on soybean futures.

Corn and wheat futures opened at/near the day’s lows and closed on the highs. Also corn futures climbed above the key 200-day moving average. July Corn has resistance at 3.95, 4.02 and 4.07.  Soybean futures have not been able to push through Tuesday’s highs; failure to do so on Friday would be a negative.

Today’s NOAA update increased the odds of LaNina forming sometime this summer. Some bulls have hopes for this happening sooner than later.

Cattle futures closed lower with severe losses in the Feeder Cattle. Cattle rallied in the morning on a strong cash cattle market – up $5-7/cwt from last week. However, profit-taking kicked in during the last hour of trading to take futures down sharply with closing prices near the lows. Boxed beef values continued higher today. Choice closed up 0.75 at 214.46; Select up 2.25 at 205.24.

Lean Hog futures closed little changed after trading higher early on stronger cash hog and pork values. FOB Plant Pork closed up .06 at 83.13 with stronger loin, butt and rib values offsetting a 2.5% drop in belly’s value.  At midday, FOB Plant was up .92.

Corn Jly +11 389; Dec +11 396

Bean Jly -6 1072; Nov -5 1061

  Meal +2 364

  Oil -79 3257

Wheat Jly +9 468; Dec +7 494

  KC +7 450; MGE +3 530

Oats +3 192

Rice +32 1181 

LC Jun -25 12257; Oct -55 11810; Dec -75 11732

FC May -117 14782; Aug -202 14725; Oct -285 14397

LH May +5 7692; Jly +5 8325; Oct unch 7082

Milk May -5 1273; Jun -41 1235

 US$ +.4%

Dow +9 17720

SP unch 2064

NAS -23 4737

Tran -110 7600

  VIX -.28  14.41  -1.9%

 

WTI +16 4639

Brent +33 4793

Gas unch 158

NG -4 213

HO unch 139

Eth +1 154

Gold -11 1265

Slvr -32 1700

 

2-yr +.032 0.758%

5-yr +.036 1.235%

10yr +.019 1.748%

30yr +.013 2.594%

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