Market Closes - May 6, 2019

Posted on May 6, 2019

Corn Jly -6 364 (355-65); Dec -5 382 (374-83)

Bean Jly -12 830 (817-34); Nov -11 853 (840-56)

  Meal -2 297

  Oil -22 2713

Wheat Jly -1 437 (428-39); Dec -2 461

  KC Jly +1 403; MGE -1 514

Oats -6 277

Rice -5 1070

 

LC Jun -115 11227; Aug -75 10840; Oct -80 10887

FC May -112 13602; Aug -202 14435; Oct -130 14647

LH May -297 8237; Jly -300 limit 9267; Oct -300 8557

       ** June and July LH never traded above limit down.

Milk May +10 1647; Jun +2 1660

 

CBOT futures were hit hard on Sunday night and again early this morning before the break in trading at 7:45 am CT. The huge selloff hit commodity futures as well as US equity markets. The cause of it was President Trump’s tweets on Sunday indicating that Chinese tariffs will be raised and expanded starting on Friday. As the day progressed, most markets (not Lean Hogs) were able to recover some of the losses. CBOT futures closed near their highs of the day. News that most of the Chinese trade negotiating team is still coming to the U.S. this week. However, odds are raised that no definitive agreement will be achieved this week due to the renewed tensions.

PLANTING PROGRESS

U.S. corn planting progress is 23 percent, compared to 36 percent a year ago, and the 5-year average of 46 percent. Only HALF the normal acreage has been planted. Only 6 percent of corn has emerged.  Kentucky has 42 percent planted compared to 34 percent last year and a 5-year average of 46 percent.

U.S. soybean planting is 6 percent complete, compared to 14 percent a year ago, and the 5-year average of 14 percent. KY is 8 percent planted, compared to 6 percent for the 5-year average.

U.S. wheat condition is 64 percent good/excellent, compared to 34 percent a year ago.  Spring Wheat seeding is 22 percent complete, compared to the 5-year average of 49 percent.

 

LC Jun -115 11227; Aug -75 10840; Oct -80 10887

FC May -112 13602; Aug -202 14435; Oct -130 14647

LH May -297 8237; Jly -300 limit 9267; Oct -300 8557

Cattle futures closed significantly lower but well off the day’s lows which were set soon after the 8:30 am opening bell. Then futures swung sharply higher to set the day’s highs around 9 am. The locked-limit down move in Lean Hogs may have affected cattle futures somewhat. Choice beef dropped .36 to 227.00 and Select rose .69 to 213.98.

Lean Hog futures closed limit down in most contracts as the renewed tariff threats issued by President Trump squashed optimism of increased pork export sales in the near future. FOB Plant Pork gained .88 to 82.89 on strength in bellies, hams and butts.

US$ +.1%

Dow -66 26438

SP -13 2932

NAS -41 8123

Tran -57 10902

  VIX +2.57  15.44

 

WTI +70 6274

Brent +67 7151

Gas -2 200

NG -4 252

HO +1 208

Eth -2 132

Gold unch 1292

Slvr -6 1491

 

2-yr -.032 2.307%

5-yr -.038 2.292%

10yr -.032 2.498%

30yr -.018 2.908%

“Across Kentucky” podcast  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here