Market Closes - May 5, 2021
Posted on May 5, 2021Corn Jly +12 708 (691-712); Dec +24 605 (580-606)
Bean Jly +4 1542 (1532-54); Nov +19 1383 (1362-84)
Meal Jly +3 424 (421-27); Dec +2 405 (400-406)
Oil Jly -12 6346; Dec +134 5584
Wheat Jly +18 744 (718-46); Dec +17 746
KC Jly +18 717; MGE +14 782
Oats +7 417
Rice +28 1441
LC Jun +140 11442; Aug +110 11772; Oct +135 12310
FC May +172 13147; Aug +205 14522; Oct +172 14942
LH May +22 11137; Jly +105 11447; Oct +105 9187
Milk May +11 1918; Jun -7 1971
With no change in Brazil’s weather forecast and the tight old-crop corn and soybean supplies in the U.S., the futures markets marched higher. Old and new corn futures as well MGEX wheat futures hit new contract highs. Soybeans and the other wheat contracts didn’t make new contract highs but did settle at new contract high closes. The new-crop corn/soybean ratio has collapsed to less than 2.30, which favors more corn planting.
Cattle futures closed higher as the June LC’s $5-6 discount to cash brought in bargain hunters. That was supported by a strong boxed beef market. Choice beef popped 3.56 to 304.78 and Select gained 2.27 to 286.18. The Choice-Select Spread is out to 18.60. Beef movement was a strong 121 loads. Negotiated cash trade was limited with some pricing at $117-119 live and $188/cwt dressed. June LC and the June LH are even money tonight. The weekly beef export sales report will be out tomorrow morning.
Lean hog futures closed higher on stronger cash hog prices, firm pork values and bullish optimism. Beyond the May LH contract, LH futures made new contract highs. FOB Plant Pork ended up only .73 at 111.91, compared to 114.29 in the morning. Belly value went from 176.55 in the morning to 164.03 in the afternoon. Ribs dropped from 254.61 to 250.94. Thursday morning brings the weekly pork export sales report from USDA.
US$ unch 91.26
Dow +97 34230
SP +3 4168
NAS -51 13582
Tran +15 15640
VIX -.33 19.15
WTI -44 6526
Brent -25 6863
Gas -2 213
NG -2 295
HO unch 199
Eth Aug +7 233
Gold +11 1787
Slvr +1 2656
2-yr -.009 0.153%
5-yr -.028 0.792%
10yr -.024 1.568%
30yr -.022 2.244%
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