After the 3-day Easter weekend, CBOT futures closed steady to mostly lower with KC and Chicago wheat leading the way down. Wheat was pressured by improving soil moisture conditions. Soybean futures ended near steady due to a sharp drop in meal and a big gain in soybean oil futures. Soybean futures were turned back by their 20-day moving average resistance. Beans were also weighed down by a disappointing NOPA crush report and bean export shipments at the low end of traders’ expectations. Corn futures lost all the gains posted last Wednesday and Thursday, but remain above the important 200-day moving averages. Corn sank despite positive export shipments and wet weather delaying planting.

U.S. corn planting progress is 6% compared to 12% a year ago and the 5-year average of 9%. 

Cattle futures opened a little higher and gained throughout the day to close in the upper end of the range. Today’s strength was based on Friday’s $2.00/cwt pop in cash cattle prices while the CME LC/FC futures were closed for Easter. Early strength in boxed beef also encouraged the bulls. Many cattle futures contracts traded at new highs for the rally.  April Live Cattle are now over $28.00 above the contract lows set last October. Choice closed up 2.05 at 214.13; Select up 1.30 at 200.78. 

 

Lean Hog futures closed lower as the April LH contract expired today.  Weaker cash hog prices and futures’ premium to the CME Index kept buyers on the sidelines. FOB Plant Pork gained .38 to 74.96.

Corn May -4 366; Jly -5 373; Dec -4 390 (389-95)

Bean May -2 953; Jly -2 964; Nov unch 962 (960-68)

  Meal -4 313

  Oil +61 3180

Wheat May -9 421; Jly -7 436 (434-45)

  July KC -10 429; MGE -1 537

Oats -6 219

Rice -7 1010

 

LC Apr +105 12642; Aug +75 11155; Oct +50 11082

FC Apr +125 13905; Aug +195 14222; Oct +200 14162

LH May -57 6772; Jly -27 7335; Oct -35 6482

Milk Apr +1 1524; May -11 1509

 

US$ -.2%

Dow +184 20637

SP +20 2349

NAS +52 5857

Tran +116 8990

  VIX -1.28  14.68

 

WTI -45 5273

Brent -41 5548

Gas -1 172

NG -6 316

HO -1 164

Eth 02 165

Gold -2 1284

Slvr -9 1842

 

2-yr +.004 1.205%

5-yr +.018 1.777%

10yr +.022 2.250%

30yr +.024 2.907%

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