Market Closes - May 9, 2018

Posted on May 9, 2018

CBOT futures tried to move higher early but closed steady to lower except for soybean oil. Futures generally traded similar to Tuesday’s market, stabilizing after Monday’s sharp price drop. Traders are waiting for USDA’s updated supply-demand estimates which come out midday tomorrow. Then the focus will return to US weather and planting progress, with the risk of a potential Chinese trade war impacting the soybean market. The speculators have sizable long positions in corn and soybeans, and a small short in wheat. The risk is if/when the specs decide to liquidate their longs. Look at the price charts for trigger points. The strong rise in energy futures is supportive but didn’t help ethanol futures. This inflationary fuel helped lift Treasury yields. The 10-year yield above 3% didn’t bother the stock market at all today.

Cattle futures moved higher after the opening but spent the rest of the day working lower. Traders are concerned supply will outweigh demand and pressure nearby prices. In boxed beef, Choice was up 0.03 at 230.96; Select down 0.98 at 208.95.  Cattle futures are in a $4.00 sideways trading range.

Lean Hog futures closed mixed with weaker cash hog prices and a bounce in the pork cutout. FOB Plant Pork gained .74 to 72.04 with all cuts higher except for the loin (down 1.10).

Corn Jly unch 403 (402-05); Dec unch 419 (418-21)

Bean Jly -4 1016 (1011-21); Nov unch 1025 (1018-29)

  Meal unch 385

  Oil +37 3106

Wheat Jly -4 511 (506-16); Dec -4 549

   KC -6 532; MGE -3 611

Oats unch 240

Rice -8 1267

 

LC Jun -62 10567; Oct -60 10675; Dec -47 11105

FC May -57 13715; Aug -102 14270; Oct -55 14385

LH May -27 6592; Jun +27 7657; Oct -100 6360

Milk May +5 1530; Jun +17 1603
 

US$ steady

Dow +182 24543

SP +26 2698

NAS +73 7340

Tran +63 10508

  VIX -1.32  13.39

 

WTI +208 7105

Brent +250 7735

Gas +6 217

NG unch 274

HO +6 222

Eth -1 147

Gold -1 1313

Slvr +7 1646

2-yr +.021 2.54%

5-yr +.033 2.840%

10yr +.038 3.006%

30yr +.036 3.161%

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