Market Closes - May 18, 2015

Posted on May 18, 2015
CBOT futures closed higher but well off the day’s highs which were set around 10:30 am CDT for corn and wheat, but early morning in soybeans. Corn and wheat futures closed the trading day with gains shrinking. Wheat performed best with short-covering boosting the price on fears of frost or freeze damage in the northern Plains and ideas that persistent rain in the southern Plains could damage the wheat crop. However, today’s Crop Condition report doesn’t show marked declines in the TX and OK crops.

Soybean futures ended near steady, caught between a strong soybean meal market and a weaker soybean oil price. The stronger US dollar and weaker energy futures weighed on the CBOT.

Corn Planting Progress .      5/17/15     5-yr average U.S. 85% 75% (71% last year) (IL=94%, IN=74, IA=92, MN=97, MO=82) KY 85% 73% (73% last year)

Soybean Planting Progress . 5/17/15 5-yr average U.S. 45% 36% (31% last year) KY 25% 21% (13% last year)

Winter Wheat Conditions – 18 States .     Good/Excellent     Poor/V.Poor This Week 45% 19% Last Week 44% 20% Last year 29% 44%

Pasture Conditions 57% good/excellent vs 12% poor/v.poor

Cattle futures closed lower, following through on last Friday’s futures weakness. A firm boxed beef market at midday limited the losses in Live Cattle but Feeder Cattle fell more sharply with the CBOT showing some firmness. Choice carcasses closed up 0.99 at 262.92; Select down 0.68 at 250.42. Choice beef hit an all-time high last week before slipping. The 3-day Memorial Day weekend is this week, so retailers will wait to see how beef sells.

Lean Hog futures closed mixed with weakness in summer futures and strength in the deferred contracts. Cash hog price was weaker today, but FOB Plant Pork closed up .91 at 84.39 on stronger loin and belly values. The holiday weekend should limit slaughter totals.

The DOW and the SP500 closed at new record highs even as Treasury yields rose strongly. The Nasdaq Index is within 20 points of the record close.

Corn Jly +2 368; Dec +3 386 Bean Jly +1 954; Nov unch 935 Meal Jly +5 308; Oct +3 300 Oil -29 3278 Wheat Jly +11 522; Dec +11 543 KC +13 555; MGE +13 574 Oats +5 253 Rice +22 979

LC Jun -95 15157; Oct -32 15135 FC May unch 21900; Aug -167 21672 LH Jun -95 8240; Oct +17 7382 Milk Jun +8 1665; Jly +11 1681

 

US$ +1% Dow +26 18299 SP +6 2129 NAS +30 5078 Tran +60 8741 VIX +.35 12.73

WTI -18 6036 Brent -56 6625 Gas -1 204 NG +1 302 HO -2 199 Eth +1 169 Gold unch 1225 Slvr +15 1771

2-yr +.037 0.577% 5-yr +.074 1.536% 10yr +.093 2.234% 30yr +.106 3.030%

Tagged Post Topics Include: Economics, Market updates