Market Update - May 4, 2015

Posted on May 4, 2015
CBOT futures are trading mixed with the soy complex on the positive side. Most futures were their weakest when trading reopened at 830 am CT. But prices rallied into mid-morning before backing off at midday. However, soy futures have held up better than corn/wheat. Corn is pressured by the rapid planting pace through the weekend; traders expect USDA to report about 50% of total acreage was planted as of yesterday. This week’s rainfall will be focused on the driest areas of the Plains and the western Corn Belt; all of this rain is beneficial and price negative. Soybean futures are supported by short-covering following Friday’s sharp price drop and by soybean oil’s sharp advance to a new 2-month high on rumored Chinese buying.

Cattle futures are moderately higher on Friday’s better-than-expected $160/cwt cash price and by stronger boxed beef values at midday -- Choice up 1.70 at 256.34 and Select up 1.94 at 245.16. June LC is at a huge discount to cash.

Lean Hog futures are also trading higher on cash hog market strength and bullish momentum in LH futures. Weaker midday pork values may end today’s rally. FOB Plant Pork is down 1.72 at 72.14 on weakness in all primals but the rib.

Corn Jly -2 361; Dec -2 378 Bean Jly +12 977; Nov +10 950 Meal +1 313 Oil +94 3238 Wheat Jly -2 472; Dec -3 498 KC -2 499; MGE -4 531 Oats 02 234 Rice +5 1026

LC Jun +155 15072; Oct +110 15070; Dec +1170 15184 FC May +147 21510; Aug +202 21710; Oct +205 21582 LH May +90 7690; Jun +72 8197; Oct +50 7287 Milk May +16 1642; Jun +55 1700

 

US$ +.2% Dow +.4% SP +.4% NAS +.4% Tran +.5% VIX +1.5% 12.90

WTI -.7% Brent -.3% Gas -.8% NG +.3% HO -.2% Eth +1.1% Gold +1.3% Slvr +2.9%

5-yr +.009 1.514% 10yr +.022 2.139% 30yr +.041 2.865%

Tagged Post Topics Include: Economics, Market updates