Market Closes - May 15, 2018

Posted on May 15, 2018

Corn Jly +6 402 (396-402); Dec +5 419 (414-19)

Bean Jly +1 1019 (1005-25); Nov +1 1025 (1013-31)

  Meal -5 382

  Oil -13 3112

Wheat Jly +2 493 (486-96); Dec +1 531 (525-34)

  KC unch 510;  MGE +5 606

Oats +1 240

Rice -2 1248
 

LC Jun -165 10297; Oct -152 10375; Dec -140 10860

FC May -185 13355; Aug -192 13845; Oct -195 13960

LH Jun -142 7472; Aug -92 7745; Oct -117 6325

Milk Jun +1 1610; Jly +9 1636

CBOT futures recovered from early morning losses to post mostly higher closes. The positive closes resulted from sharp gains in the last hour of trading. The stronger US Dollar weighed on futures as did weaker precious metals and equity markets. Corn futures didn’t fall as much as wheat and soybeans, so corn finished with stronger closes – at/near the day’s highs. Nearby corn futures have not been this high (above $4.00) since June 2016. That’s when futures were falling from near $4.40.  Wheat futures remain in a downtrend. The new crop Soybean/Corn price ratio is 2.45. NOPA reported April soybean crush at 161 million bushels – the highest April crush on record.

US Treasury yields rose sharply today, which led to a marked rise in the US Dollar Index, reaching the highest level since late December 2017. The stronger US Dollar is negative for commodity exports and prices. This contributed to lower livestock futures reported below.

With follow-through selling from Monday’s sharp losses, cattle futures closed sharply lower. Two-day losses total $4-$5/cwt. June LC futures are around $15.00/cwt discount to where cash may trade this week. Choice beef lost .48 to 231.64 and Select gained .39 to 209.51.

Lean Hog futures quickly erased Monday’s gains and closed sharply lower on profit-taking. LH futures were pressured by the extended losses in the cattle futures market. FOB Plant Pork gained .69 to 74.24.  June LH futures have a $10.00 premium to cash.

RBOB gasoline futures surpassed the 2.22 level today, a price not seen in nearby futures since October 2014.   2.20 is a resistance area on the chart; the next resistance area is around 2.50.

 

US$ +.75%

Dow -193 24706

SP -19 2711

NAS -60 7352

Tran -47 10616

  VIX +1.67 14.60

 

WTI +6 7105

Brent -20 7803

Gas unch 220 (high 222)

NG -1 283

HO -1 283

Eth +1 149

Gold -28 1290

Slvr -35 1622

 

2-yr +.030 2.577%

5-yr +.061 2.913%

10yr +.074 3.069

30yr +.065 3.193%

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