Market Closes - May 2, 2019

Posted on May 2, 2019

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Corn Jly +2 370; Dec +1 387 (384-88)

Bean Jly -8 843; Nov -8 865 (863-75)

  Meal -3 297

  Oil -15 2750

Wheat Jly +8 444 (435-48); Dec +8 468

  KC Jly +5 405; MGE +9 521

Oats -13 282

Rice +14 1070

 

LC Jun -20 11367; Oct -102 11067; Dec -110 11467

FC May -240 13897; Aug -132 14790; Oct -205 14905

LH May -100 8610; Jly +15 9552; Oct -112 8762

Milk May +6 1618; Jun +10 1636

CBOT futures closed mixed again as corn and soybeans follow their recent trends. Corn has closed higher for six straight days, while soybeans have closed lower five straight days. Corn is rallying on short-covering related to the slow planting pace that won’t improve in the short run. Soybeans are falling to new contract lows as traders worry about U.S. acreage switching to soybeans if planting delays persist into late May.  In addition, U.S. soybean export sales are poor. Wheat futures have rallied strongly the past two days even as the HRW crop tour finds strong prospects for HRW yields. A sharp drop in energy futures and a stronger US Dollar were not helpful.

Cattle futures closed lower with feeder cattle leading the way down. With both boxed beef and cash prices weakening, the spec funds are dumping part of their sizable long positions. Adding to today’s weakness was this morning’s weekly export sales report showing only 10,600 tons of beef sold, or about half of last week’s sales and of the 4-week average. Choice beef dropped 1.42 to 228.80 and Select fell 2.42 to 215.08. LC futures have closed lower for 9 straight days.

Lean Hog futures closed from $1.75 lower to $1.52 higher following yesterday’s limit UP move in nearby contracts. Although pork values increased, today’s weekly pork export sales report was again disappointing. Weekly export sales totaled 16,100 tons with China not buying. FOB Plant Pork jumped 1.93 to 83.92 with bellies up over six percent, and ribs and loins up four percent. Traders are still counting on help from a US/China trade deal in the next 10 days. China is supposedly bringing a large delegation to the U.S. next week for final negotiations.

US$ +.2%

Dow -122 26308

SP -6 2918

NAS -1 8037

Tran +126 10788

  VIX -.38 14.42

 

WTI -197 6172

Brent -175 7043

Gas -5 202

NG -3 259

HO -3 207

Eth +1 134

Gold -12 1272

Slvr -7 1457

 

2-yr +.045 2.347%

5-yr +.049 2.347%

10yr +.036 2.547%

30yr +.018 2.936%

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