Market Closes - March 11, 2020
Posted on Mar 11, 2020Corn May -3 374; Jly -3 376; Dec -3 377 (376-80)
Bean May -3 873; Jly -4 880; Nov -5 887 (885-98)
Meal unch 302
Oil -14 2753
Wheat May -9 513; Jly -8 513 (512-23)
KC -9 435; MGE -7 512
Oats unch 274
Rice +13 1298
LC Apr -237 10307; Aug -300 limit 9667; Oct -300 10130
FC Mar -442 12332; May -450 limit 12525; Aug -450 13242
LH Apr -112 6387; Jun -50 7880; Aug +17 7952
Milk Mar -3 1630; Apr -1 1584
Ag futures again came under pressure from a sharply lower equity market fueled by expanding COVID-19 cases, event cancellations and school closures. Traders and the public alike await firm news from the Trump Administration on actions to be taken to mitigate the health and economic impacts of the coronavirus in America. U.S. equity indexes traded below Monday’s lows and reached so-called “bear” territory (over 20% below the market top set in February).
Cattle futures tried to build on Tuesday’s sharp rally, but succumbed to the downdraft in U.S. equities. LC futures traded back to Monday’s lows. The downtrend is intact. Feeder Cattle futures hit new contract lows. Nearby FC futures have fallen $25/cwt since early January. Choice beef rose .08 to 207.17 and Select dropped 2.22 to 196.49. The Choice-Select Spread is 10.68.
Lean Hog futures held up much better than did cattle futures. FOB Plant Pork rose .86 to 68.82 with bellies up nearly 7%. Hog traders will closely examine tomorrow morning’s export sales report. Pork exports have been very strong.
US$ +.3% 96.55
Dow -1467 23551
SP -141 2741
NAS -392 7952
Tran -395 8126
VIX +6.54 53.84
WTI -123 3313
Brent -117 3605
Gas -5 111
NG -6 188
HO unch 124
Eth -2 122
Gold -25 1635
Slvr -22 1669
2-yr +.027 0.518%
5-yr +.066 0.681%
10yr +.116 0.868%
30yr +.151 1.384%
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