Market Closes - May 4, 2020

Posted on May 4, 2020

Corn Jly -3 315; Dec -3 334 (331-36)

Bean Jly -13 836; Nov -9 846 (840-53)

  Meal -4 288 (288-93)

  Oil -35 2615 (

Wheat Jly +3 519 (506-21); Dec +1 530

  KC +4 487; MGE +1 508

Oats +6 293

Rice -5 1472

 

LC Jun +82 8807; Oct +37 9717; Dec +62 10160

FC May +125 11907; Aug +132 12897; Oct +75 13065

LH May +485 6772; Jun +280 6550; Oct +115 6015

Milk May +35 1158; Jun +75 limit 1294; Jly +75 1436

CBOT futures closed mixed as traders worry tensions between the U.S. and China over COVID could threaten exports. The three major commodities were lower overnight. Soybeans stayed weak as soybean meal closed on its lows. Corn and soybean oil found some late support from a turnaround in crude (nearly $3.00) and gasoline futures (9 cents). Wheat made the greatest turnaround from overnight weakness tied to rainfall in Europe/Black Sea. Concerns for drying soils in the southern Plains and possible frost/freeze temps late this week caused a short-covering rally. The 6-10 day NWS Outlook calls for much below normal temperatures and normal-to-below normal rainfall. Watch $8.30 support in the July Soybean contract for market direction. Today’s strengthening US Dollar was a negative.

U.S Crop Progress
Corn is 51% planted vs 27% last week and 39% 5-yr avg.
   Far ahead of average are: KY, IA, MN, SD, WI and NE.
   Far behind average are MO and ND.  

8% of U.S. corn is emerged, compared to 10% 5-year average.

Soybeans are 23% planted vs 8% last week and 11% 5-yr avg.

Winter Wheat Condition:
  55% good/excellent vs 54% week ago and 64% year ago.
  14% poor/v.poor vs 15% week ago and 8% year ago.

Spring wheat planted is 29% vs 43% for 5-yr average.

 

LC Jun +82 8807; Oct +37 9717; Dec +62 10160

FC May +125 11907; Aug +132 12897; Oct +75 13065

LH May +485 6772; Jun +280 6550; Oct +115 6015

Cattle futures closed slightly higher but in the bottom half of the range.  Live Cattle were supported by the record-setting high boxed beef values, although cash fed cattle prices have not benefitted from the soaring beef price. Choice beef soared 32.60 to 410.05 and Select gained 19.53 to 376.66. The Choice-Select spread is out to 33.39.  LC futures have established a short-term uptrend over 6-7 trading days. June LC are around $10/cwt discount to last week’s average cash price. No price trend established today.

Lean hog futures closed higher to sharply higher. Nearby futures are up sharply on bullish momentum and the recent large rise in the pork carcass cutout value, which has reached levels not seen since 2014. FOB Plant Pork rose 1.20 to 107.81 with loins providing the most support – loin value rose 5.73 to 130.81.  May LH futures are about $10/cwt premium to the CME Lean Hog Index.

US$ +.9%  99.53

Dow +26 23750

SP +12 2843

NAS +106 8711

Tran -164 7981

  VIX -1.22 35.97

 

WTI +147 2125

Brent +160 2804

Gas +7 84

NG +10 199

HO +3 83

Eth +1 101

Gold +9 1710

Slvr -13 1481

 

2-yr -.016 0.186%

5-yr -.002 0.367%

10yr -.003 0.637%

30yr +.002 1.280%

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