Market Closes - May 5, 2022
Posted on May 5, 2022Corn Jly +3 797 (791-802); Dec +2 738 (731-41)
Bean Jly +6 1647 (1640-67); Nov +5 1492 (1484-1507)
Meal Jly +2 420 (418-26); Dec +2 399
Oil Jly -58 8185; Dec -43 7462
Wheat Jly +30 1106 (1077-1122) 45-cent range
Dec +26 1108
KC Jly +54 1177; MGE +32 1210
Oats -19 659
Rice -2 1708
LC Jun -105 13377; Aug -105 13602; Oct -110 14340
FC May -192 16032; Aug -182 17437; Oct -92 17945
LH May +20 10280; Jly +237 10942; Oct +152 9392
Milk May +22 2494; Jun +20 2450; Jly +12 2424
CBOT futures closed mixed with the major commodity contracts posting gains. Wheat closed sharply higher for a second day in a row as traders are concerned that a reduction in India’s crop and exports will tighten the world S&D given the Ukraine/Russia war. The July MGEX wheat contract traded a new life-of-contract high. Corn was supported by the wheat rally and corn’s slow planting progress. However, a warm, dry window in the Corn Belt is coming next week and progress will likely catch up or exceed normal soon. Soybean futures managed higher closes but ended far below the day’s highs made overnight and/or in the first hour of the day trade. Strong energy futures turned lower this morning and weighed on the CBOT. OPEC+ agreed to increase crude oil production by 432,000 barrels/day in June.
Cattle futures closed moderately lower on fed cattle price concerns sliding boxed beef values. Choice beef fell a whopping 4.56 to 255.18 and Select lost 1.87 to 245.81. Beef movement was pretty good at 159 loads. A negotiated cash steer market was not established today. Net beef export sales of 14,600 MT for 2022 were up 28 percent from the previous week and 1 percent from the prior 4-week average.
Lean hog futures closed moderately higher beyond the soon-to-expire May LH contract. Prices rose on a second day of short-covering after LH had gotten oversold. FOB Plant Pork rose 2.44 to 106.27 with belly value up 12 at 166 and ham value up 3 at 90. Pork movement was good at 265 loads. Net pork export sales of 23,800 MT for 2022 were down 24 percent from the previous week and 13 percent from the prior 4-week average.
US$ +1.0% 103.55
Dow -1063 32998
SP -153 4147
NAS -647 12318
Tran -449 15084
VIX +6.0 31.42
WTI +63 10685
Brent +88 11101
Gas +2 367
NG +42 884
HO -13 406
Gold +9 1878
Slvr +11 2251
2-yr +.098 2.714%
5-yr +.119 3.013%
10yr +.127 3.042%
30yr +.118 3.121%
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