Market Closes - March 25, 2020
Posted on Mar 25, 2020Corn May +1 348; Jly +1 353; Dec +2 367 (365-69)
Bean May -5 881; Jly -3 885; Nov +2 877 (872-85)
Meal -10 322
Oil +9 2664
Wheat May +18 580; Jly +12 568 (551-71); Dec +9 572
KC +10 501; MGE +2 537
Oats -3 266
Rice +34 1362
LC Apr +230 10845; Jun -70 9632; Oct -87 10062
FC Mar +185 13207; Apr –135 12872; Aug +5 13510
LH Apr -57 6585; Jun -125 7175; Aug -147 7245
Milk Apr -14 1594; May -20 1489
CBOT futures closed widely mixed with some interesting price action. Wheat was the upside leader as the world sources wheat to build flour inventories; the U.S. is a ready seller. Corn futures made news highs for this week before settling back to mid-range. Traders believe China is buying U.S. corn, but reduced grind at ethanol plants weighs on their optimism. A big correction in nearby soybean meal futures also hurt the corn market. The break in meal futures also caused old-crop soybean futures to reverse early day gains and closed lower. This ended a 4-day rally of 60+ cents. On the other hand, wheat extended its rally to six days. Outside markets were supportive as the US Dollar weakened slightly and equity/energy markets rose.
After posting limit-up days on Monday and Tuesday, live cattle and feeder cattle futures closed mostly lower except for the nearby contracts. Trading ranges were very wide, testing both limit up and limit down in various contracts. Cash trade started early this week with $120/cwt feds. Note this $12/cwt premium to April LC futures; these should converge by late April. Today, boxed beef finally took a breather. Choice beef lost 1.01 to 255.30 and Select dropped 2.39 to 243.09.
Check out the Weekly Cattle Market Report by Kenny Burdine, University of KY by clicking here.
Lean Hog futures closed moderately lower, pressured by lower pork cutout values yesterday and again today. With plentiful, supplies, traders will be watching for signs the consumer has filled up his/her freezer for now. FOB Plant Pork slid 3.02 to 79.03 due to sharp losses in values of butts and bellies. Loin value rose 6%. USDA will release its Quarterly Hogs and Pigs Report tomorrow. The total herd is expected to be up 3.4% year/year.
US$ -.7% 100.93
Dow +496 21200
SP +28 2475
NAS -34 7384
Tran +184 7725
VIX +2.28 63.95
WTI +48 2449
Brent +27 2742
Gas +10 55
NG +1 166
HO +2 110
Eth +1 91
Gold -27 1633
Slvr +62 1487
2-yr -.036 0.340%
5-yr +.023 0.522%
10yr +.051 0.869%
30yr +.079 1.448%
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KENTUCKY LIVESTOCK AUCTIONS -- Click Here
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