Market Closes - May 9, 2018
Posted on May 9, 2018CBOT 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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