Market Closes - May 7, 2020

Posted on May 7, 2020

Corn Jly +4 318 (314-20); Dec +3 334 (331-36)

Bean Jly +12 844 (832-48); Nov +9 848 (839-53)

  Meal unch 288 (288-90)

  Oil +42 2626

Wheat Jly +5 522 (516-27); Dec +4 533

  KC +1 479; MGE +3 511

Oats +7 299

Rice +16 1505

 

LC Jun +450 limit 9397; Oct +450 10402; Dec +412 10832

FC May +617 13027; Aug +540 13815; Oct +460 13967

LH May +70 6880; Jun -167 6390; Oct -75 5677

Milk May -2 1148; Jun -32 1330; Jly -31 1441

CBOT futures mostly closed strongly higher on support from an announced corn export sale to China and rumors of their interest in soybeans. This morning’s USDA weekly export sales report was negative for corn but positive for soybeans.  Futures trended higher overnight and up until around 10:45 a.m. CDT; prices then backed off into the close. Tomorrow traders will have an eye on updated temperature forecasts to weigh the risk of frost/freeze damage to wheat and corn on Saturday morning.

Cattle futures closed strongly higher with June/Aug/Oct LC up the expanded daily limit of $4.50/cwt. This is the second straight day of limit-up moves. Tomorrow’s limit will again be $4.50. May FC touched limit up of $6.75 but only closed up 6.17. FC limits revert to $4.50 on Friday. The June LC contract’s sharp discount to the cash market ($95-110/cwt) and rising boxed beef values supported cattle futures. Cash cattle prices are not well established. Choice beef rose 9.36 to 458.54 and Select jumped 16.61 to 448.57. News of additional U.S. government investigations into the meatpacking industry should support the fed cash market. Slaughter has improved 7% over last week but remains 32% under the year-ago number. The weekly beef export sales number was disappointing at only 5200 MT – a marketing year low.  

Lean hog futures closed mostly lower today as hog slaughter continues to be down sharply – 36% below year-ago, but up 7% from last week at this time. FOB Plant Pork soared 21.03 to 202.82. Ham value dropped 14%. All other cuts were higher. Bellies are now 203.32, ribs are 176.60 and loins are 137.82. Pork export sales totaled 47,500 MT, similar to the 4-week average.

Check out this AFBF article on the cattle/beef and hog/pork market situations. Many informative charts are included.

US$ -.4% 99.83

Dow +211 23876

SP +33 2881

NAS +125 8980

Tran +119 8050

  VIX -2.68  31.44

 

WTI -44 2355

Brent -33 2939

Gas +5 93

NG -5 189

HO +1 84

Eth +3 108

Gold +37 1726

Slvr +57 1559

 

2-yr -.043 0.139%

5-yr -.072 0.305%

10yr -.074 0.639%

30yr -.087 1.326%

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