Market Closes - May 3, 2021

Posted on May 3, 2021

Corn Jly +6 679 (674-98); Dec -1 563 (559-78)

Bean Jly -10 1524 (1516-63); Nov +5 1345 (1332-64)

  Meal Jly -11 415 (414-31); Dec -3 398

  Oil Jly +67 6306; Dec +128 5331

Wheat Jly -17 718 (713-53); Dec -13 720

  KC Jly -15 688; MGE -5 759

Oats +2 407

Rice +4 1374

 

LC Jun -127 11530; Aug -27 11835; Oct +5 12295

FC May -55 13305; Aug +5 14680; Oct -15 15115

LH May +57 11070; Jly +282 11207; Oct +135 9005

Milk May -22 1896; Jun -16 1970

CBOT futures closed widely mixed in very wide trading ranges as the highs were set soon after the opening bell Sunday evening. While the market held up well overnight, the sellers were loaded for bear as markets re-opened at 8:30 a.m. CDT. The markets closed far below the session highs. Despite the sell-off, the July corn contract was able to salvage a higher close thanks to strong weekly export shipments and the ongoing drought in Brazil’s safrinha corn. Today’s weakness resulted from profit-taking as the bulls expected to see today’s planting progress to be far ahead of last week and forecasts have increased rain chances for parts of the very dry Corn Belt. A sharp drop in soybean meal futures offset the gains in soybean oil, resulting in July Soybeans ending lower. Wheat futures were pressured by the downdraft in CBOT futures and the weekend rains in KS/OK/TX.

U.S Crop Progress
Corn is 46% planted vs 17% last week and 36% 5-yr avg.
   KY@ 61% is 16 pts ahead of normal. IA soared to 69% planted from 20% a week ago; average is 45%. MN@ 60% vs 32% average.

Corn is 8% emerged vs 9% average.

Soybeans are 24% planted vs 8% last week and 11% 5-year avg.
   KY@ 26% is 16 pts ahead of normal. LA is 23 pts behind @24% -- the only state behind normal. IL is 41% vs 14%; IA is 43% vs 14%; MI is 27% vs 4%.  

Winter Wheat Condition:
  48% good/excellent vs 49% week ago and 55% year ago.
  19% poor/v.poor vs 19% week ago and 14% year ago.

 

Cattle futures closed mixed with the nearby June LC down the most, pressured by ideas the cash fed market will stay under pressure from plentiful supplies. The widening gap between cash fed prices and boxed beef values is going right into the packer margin. Choice beef rose 2.80 to 299.30 and Select edged .74 higher to 283.79. Beef movement was a slow 77 loads. Some light trade occurred at $117-118/cwt, a little weaker from last week.

Lean hog futures closed higher with huge gains in the J/J/A contracts which gapped higher on the open. New contract highs were made today even as cash hog prices weakened. China’s demand continues to drive prices higher. FOB Plant Pork gained 1.20 to 111.66, slightly weaker than the morning quote of 112.29. The pork load count was a very low 147.

 

US$ -.3% 90.97

Dow +238 34113

SP +11 4193

NAS -68 13895

Tran +272 15619

  VIX -.41 18.20

 

WTI +91 6449

Brent +80 6756

Gas +3 210

NG +3 296

HO +3 195

Eth +6 229

Gold +25 1793

Slvr +114 2701

2-yr unch  0.162%

5-yr -.029 0.827%

10yr -.030 1.601%

30yr -.015 2.285%

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