Market Closes - May 5, 2015

Posted on May 5, 2015
CBOT futures closed mixed with a strong short-covering rally after 12:00 CDT carrying corn futures to positive closes near the day’s highs. Wheat also rallied in sympathy with corn but only managed to cut its losses. Both corn and wheat saw new contract lows today. Soybean futures maintained its price gains which started with a big rise in soybean oil but ended with stronger soybean meal. Traders are watching labor problems in Argentina’s ports.

Cattle futures closed higher, recovering from a mid-morning selloff into the red. A strong Choice beef cutout value at midday may have brought the market back. However, futures drifted slightly lower during the afternoon e-trade. The afternoon boxed beef report shows lower values. Choice down 0.08 at 255.56; Select down 0.30 at 243.60. This chart shows rising fed cattle slaughter, but last week’s numbers were down 7.1% versus a year ago. A 3.5% jump in average dressed weights resulted in only a 4% drop in beef production.

Lean Hog futures closed higher with the nearby May LH contract up sharply on bullish momentum from rising cash hog and pork values. FOB Plant Pork closed up 1.70 at 76.02/cwt. All primals were higher except for ham. This cutout value is up $5.00 from a week ago; it bottomed this spring on April 1 at 63.98. May LH contract is at a sharp premium to the CME LH Index.

Corn Jly +1 363; Dec +1 379 (372-79) Bean Jly +8 985; Nov +5 954 (946-56) Meal Jly +2 315; Oct +1 307 Oil +42 3305 Wheat Jly -6 466 (461-73); Dec -7 491 KC -8 490; MGE -5 525 Oats -2 230 Rice -13 997

LC Jun +72 15145; Oct +62 15135; Dec +55 15247 FC May +22 21537; Aug +92 21825; Oct +72 21662 LH May +207 7900; Jun +92 8275; Oct -15 7275 Milk May -8 1630; Jun -20 1667

 

US$ -.3% Dow -142 17928 SP -25 2089 -1.2% NAS -78 4939 Tran -144 8606 VIX +1.46 14.31 +11.3%

WTI +147 6040 Brent +119 6764 Gas +3 207 NG -4 278 HO +4 201 Eth +2 163 Gold +6 1193 Slvr +10 1651

2-yr +.032 0.631% 5-yr +.053 1.552% 10yr +.052 2.187% 30yr +.047 2.915%

Tagged Post Topics Include: Economics, Market updates