Market Closes - March 19, 2020
Posted on Mar 19, 2020Corn May +10 345; Jly +9 351; Dec +5 363 (357-71)
Bean May +18 843; Jly +15 848; Nov +6 848 (840-60)
Meal +11 315
Oil +44 2548
Wheat May +27 535; Jly +24 532 (508-39); Dec +19 544
KC +19 465; MGE +10 520
oats +6 261
rice -37 1392
LC All contracts up $3.00 limit
Apr 9510; Aug 8965; Oct 9245
FC All contracts up $4.50 limit
Mar 11707; May 11302; Aug 11940
LH Apr +300 limit 6115; May +130 6000; Aug +140 7192
Milk Apr +35 1602; May +18 1524
CBOT futures closed strongly higher with wheat leading the way up. Corn reversed its recent downward trend and closed 5-10 higher. A nearly 4 percent jump in soybean meal futures led soybean futures higher after had remained near contract lows for 3 trading days. Corn and soybean futures closed mid-range, but wheat ended in the upper end of the range. Short-covering in corn and soybeans was supportive. Wheat added to yesterday’s gains as traders expect export sales. Even as the dollar rallied again, other outside markets (energy, stocks) encouraged buying of ag futures. The ethanol situation moved to the back burner today as traders anticipate more corn exports.
Live and Feeder cattle futures closed limit up on continued strong consumer demand for beef to cook and freeze at home. Cash steer prices are rising strongly as well as packers need cattle to meet demands from the grocers. Choice beef gained 2.63 to 249.87 and Select added 2.56 to 241.06. At some point, retail demand may soften as consumers focus on using what’s in the freezer.
Lean Hog futures rallied strongly, led by the nearby April LH contract. LH was supported by strong export sales and shipments to China; life is moving closer to normal in China. FOB Plant Pork jumped 4.03 to 78.93. Loin value soared 11 percent; butt value rose 9 percent; picnics rose 8 percent; and ribs added nearly 3 percent in value.
US$ +1.73 102.64
Dow +188 20087
SP +11 2409
NAS +161 7151
Tran +107 7079
VIX -4.45 72.00
WTI +482 2565
brent +332 2820
gas +5 68
NG +5 165
HO +8 104
eth +6 101
gold -5 1473
slvr +37 1214
2-yr -.071 0.459%
5-yr -.113 0.702%
10yr -.108 1.150%
30yr -.126 1.765%
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