Market Closes - April 4, 2019
Posted on Apr 4, 2019Corn May +2 365; Dec +1 392 (390-93)
Bean May +8 906; Nov +7 939 (929-40)
Meal +1 312
Oil +40 2920
Wheat Jly -1 474 (471-80); Dec unch 495
KC Jly +2 445; MGE -6 536
Oats Jly +1 279
Rice -12 1055
LC Apr +177 12755; Aug +245 11822; Oct +212 11850
FC Apr +157 14632; Aug +285 15720; Oct +197 15900
LH Apr +50 7957; Jun +300 9785; Aug +275 10022
Milk Apr +2 1582; May +5 1572
Corn and soybean futures closed higher on fund buying, unfavorable weather forecasts and strong soybean export sales. Support also came from the President’s positive comments on the trade negotiations. The spec funds have a huge short position in corn and a more manageable one in soybeans.
Live and feeder cattle futures closed strongly higher. Futures were supported by firm boxed beef values, trader optimism on a China trade deal, the strong rally in lean hog futures, and by prices moving above key moving averages. Packers are generally bidding $124/cwt at the feedlot. April LC is at a strong premium to that. Choice beef gained .60 to 226.74 and Select dropped .61 to 218.36.
Beyond the soon-to-expire April LH contract, LH futures closed sharply higher. The US/China trade news today has been on the positive side. However, today’s weekly export sales report was disappointing for pork; no pork was sold to China. The FOB Plant Pork cutout was up 1.96 to 82.22 with all primals posting good gains.
US$ +.3%
Dow +166 26385
SP +6 2879
NAS -4 7892
Tran +46 10688
VIX -.16 13.58
WTI -33 6219
Brent +9 6940
Gas -1 194
NG -3 264
HO +1 201
Eth -1 130
Gold -1 1289
Slvr -2 1508
2-yr +.006 2.339%
5-yr -.002 2.318%
10yr -.004 2.513%
30yr -.008 2.921%
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