Market Closes - May 18, 2016

Posted on May 18, 2016

CBOT futures closed mixed as traders anticipate how weather will impact planting progress and the acreage mix.  Commodity futures were impacted today by a stronger US Dollar that resulted from the release of the FOMC meeting minutes which suggests the FED could raise key interest rates in June if economic signals remain positive. Treasury yields rose markedly today.

Corn futures keep marching higher, if only a few cents per day. Corn futures are trading above the key 200-day averages, but below the April highs. The large spec funds are not as long corn futures as they are soybeans, so they may be buying corn more so. Soybean meal futures continue to be a bright spot – unless you are buying meal to feed livestock. Corn’s rally has managed to hold wheat futures up despite a bearish supply-demand situation.

Cattle futures closed with minimal price changes. The market was supported by stronger boxed beef values and some cash market activity at $132.00/cwt, or near last week’s average price. June LC futures are at a steep discount to cash. Choice up 2.43 at 227.76; Select up 0.60 at 212.20. At midday, Choice was up 2.44 and Select up .98.

Lean Hog futures closed lower with a 2 percent loss in the nearby June LH contract. After 3 days of failing to push through last week’s highs, hog traders may have decided to take some profits and look for better cash market direction. FOB Plant Pork gained .38 to 83.78. A two percent drop in bellies offset stronger values in loins, butts and ribs. FOB Plant was up .54 at midday.


Corn Jly +2 399; Dec +2 406 (401-07)

Bean Jly -5 1075; Nov -10 1057 (1053-75)

  Meal +4 373

  Oil -33 3245

Wheat Jly -2 480 (477-85); Dec unch 506

  KC -1 457; MGE -2 537

Oats -3 193

Rice +3 1214

 

LC Jun -20 12312; Oct +30 11952; Dec +47 11882

FC May -2 14950; Aug +57 14935; Oct +35 14540

LH Jun -152 8122; Aug -95 8170; Oct -42 7025

Milk May +3 1278; Jun -1 1239
 

US$ +.7%

Dow -3 17527

SP unch 2048

NAS +23 4739

Tran +23 7630

VIX +.34 15.91  +2.2%

 

WTI -42 4789

Brent -83 4845

Gas unch 164

NG -4 201

HO +1 147

Eth +3 162

Gold -17 1260

Slvr -32 1692

 

2-yr +.073 0.896%

5-yr +.102 1.385%

10yr +.095 1.854%

30yr +.071 2.658%

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