Market Update - April 6, 2015

Posted on Apr 6, 2015
CBOT futures are lower except for the Soybean Oil contract which is supported by sharply higher crude oil futures. Corn, beans and wheat traded higher overnight but dropped sharply when markets re-opened at 830 am CT. These commodities are now trading at/near the day’s lows. Wheat is leading the complex down as improved rain prospects are reported. The breakout above key chart resistance has failed in the KC and MGEX markets; CBOT wheat never did get above the key resistance level. CBOT prices are down despite the friendly outside markets of a stronger energy futures, weaker US Dollar, higher metals and higher equity indexes. Treasury yields are up sharply.

Cattle futures are trading higher, supported by Friday’s cash trade at $167/cwt, up about $3.00 from the previous week. This leaves the nearby April LC contract at a $3 discount. Boxed beef is firmer at midday – Choice up .55 to 256.12 and Select up .87 to 250.16.

Lean Hog futures are steady in the April LH to moderately higher in the summer months. Friday’s sharply higher pork cutout supported the early trade since LH futures closed lower Friday. However, FOB Plant Pork is down .58 to 65.17 at midday.

Corn May -2 384; Dec -2 408 Bean May -4 982; Nov -4 970 Meal may -4 323; Oct -4 317 Oil +57 3161 Wheat Jly -10 526; Dec -9 549 KC -10 575; MGE -6 594 Oats unch 269 Rice -3 1083

LC Apr +70 16372; Oct +30 15170; Dec +42 15215 FC Apr +72 22110; Aug +135 21990; Oct +67 21737 LH Apr +2 6320; Jun +102 7672; Oct +47 7000 Milk Apr +3 1562; May unch 1557

US$ -.3%

Dow +.7% SP +.7% NAS +.6% Tran -.1% VIX -.5% 14.59

WTI +5% Brent +5.4% Gas +4.5% NG -2.5% HO +5% Eth +3% Gold +1.5% Slvr +2.8%

5-yr +.045 1.297% 10yr +.064 1.900% 30yr +.081 2.566%

Tagged Post Topics Include: Economics, Market updates