Market Closes - March 24, 2020
Posted on Mar 24, 2020Corn May +4 347; Jly +2 352; Dec +1 365 (359-68)
Bean May +3 887; Jly +2 887; Nov +2 875 (867-77)
Meal -1 332
oil +41 2655
Wheat May -1 561; Jly unch 555 (544-56); Dec unch 562
KC +1 491; MGE +5 535
oats +1 269
rice +4 1328
LC all contracts up the expanded $4.50 daily limit
Apr 106.15; Jun 97.02; Oct 101.50; Dec 105.70
FC beyond the March contract, all up the expanded $6.75 limit
Mar +500 13022; Apr 130.07; Aug 135.05
LH Apr +185 6642; Jun +205 7300; Aug +157 7392
Milk Apr unch 1608; May -10 1511
CBOT futures closed steady to slightly higher today after Monday’s strong market. Futures tested lower levels and came back to close higher. Soybean meal ended barely lower, pausing after a huge 4-day rally of around $35/ton. The soybean and meal market continue to be supported by both domestic feed demand and potential Chinese export business. Declining DDGS production is supportive to meal, but weighs on corn futures. However, with rising cattle prices, more corn could go into feed. Today’s higher energy markets and weaker US Dollar was favorable.
For the second day in a row, cattle futures closed up the daily limit (which was expanded for today’s trade and will be at these limits again tomorrow). Cattle futures are trying to catch up with the cash markets which have benefitted from the soaring boxed beef values last week and on Monday. Today was mixed, as Choice Beef dropped 1.01 to 256.31 and Select rose .34 to 245.48. Market reports have feedlots offering $125/cwt, compared to $110 last week. Packer margins are sufficiently large, they can afford to pay more.
Lean Hog futures closed strongly higher, rising for the sixth straight day. April LH has risen to the highs last seen in mid-February. Lean Hogs were supported by the limit-up moves in cattle futures and recent strength in the pork cutout. Gains in LH were limited by its premium to the CME Lean Hog Index. FOB Plant Pork dropped 1.46 to 82.05. Bellies dropped nearly 13%; butts rose 5% and ribs gained nearly 4%.
US$ -.4% 101.70
Dow +2113 20705 - largest 1-day percentage gain since 1933.
SP +210 1447
NAS +557 7418
Tran +837 7541
VIX +.08 61.67
WTI +103 2439
Brent +54 2757
Gas +4 45
NG +8 168
HO +8 109
Eth -1 87
Gold +98 1666
Slvr +113 1439
2-yr +.088 0.382%
5-yr +.119 0.516%
10yr +.075 0.842%
30yr +.044 1.390%
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