Market Closes - March 18, 2020
Posted on Mar 18, 2020Corn May -9 335; Jly -8 342; Dec -5 358 (355-63)
Bean May +1 825; Jly +2 833; Nov -1 842 (837-55)
Meal +6 304
oil -20 2504
Wheat May +9 508; Jly +8 508 (495-512); Dec +9 525
KC +14 446; MGE unch 509
oats +2 255
rice +34 1429
LC Apr -425 9210; Aug -292 8665; Oct -405 8945
FC Mar -97 11257; May -332 10852; Aug -442 11490
LH Apr -32 5815; Jun -312 6730; Aug -152 7052
Milk Apr -29 1570; May -38 1509
Like Tuesday, CBOT futures closed mixed and corn was the downside leader. Corn continued to be pressured by the negative ethanol market situation which will lead to increased corn stocks. Crude oil crashed today, so that also weighed on corn. Soybean futures rallied Tuesday evening and again this morning, but faded and closed near the day’s lows. Soybean meal strength lifted bean futures but soybean oil offset it. KC and Chicago wheat futures made big gains today after ending near steady Tuesday. Analysts are suggesting that there are importers who need to buy soon. Tomorrow’s export sales report will be closely examined.
Cattle futures ended mostly sharply lower, in great contrast to Tuesday huge gains. Live Cattle rallied at the open but quickly headed south, trending lower into the close. So the rally mostly vanished even as boxed beef values rose sharply again today. Choice gained 7.31 to 247.24 and Select rose 9.18 to 238.50. Outside markets were bearish.
Beyond the nearly April Lean Hog contract, LH futures closed sharply lower. Again the bearish stock market and other economic turmoil weighed on prices. FOB Plant Pork gained .48 to 74.90. Loin value fell over 4 percent and bellies fell nearly 4 percent. That was offset by big gains other cuts — butt, picnic and ribs.
US$ +1.52 100.92
Dow -1338 19899
SP -131 2398
NAS -345 6990
Tran -497 6971
VIX +.54 76.45
WTI -650 2083
brent -385 2488
gas -7 64
NG -12 160
HO -8 95
eth -8 95
gold -48 1478
slvr -72 1177
2-yr +.079 0.540%
5-yr +.144 0.794%
10yr +.187 1.183%
30yr +.184 1.764%
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