Afternoon Market Highlights


Highlights

The Ag market space drew support from fund short covering and technical buying.  Hearing that the EPA is set to go ahead with their E15 ruling, which would allow E15 gasoline to be sold during the summertime.  Recent studies suggest there is very little difference between the current E10 gasoline and the proposed E15 gasoline. 

  • The energy markets are mixed with crude oil trading just above $57/barrel.
  • The US$ is weaker, just shy of 97 points, gold is up over $10 at $1,302/ounce.
  • Wall Street is missed with the DJIA down 84 at 25569 and the S&P up 10 at 2794. 

Corn

The corn market traded higher on spillover strength form the wheat market.  Prices drew additional support from ideas of delayed corn plantings this year from the snow and rain. 

  • Closes: May at $3.65 ½, up 3 ½ cents, July at $3.75 ¼, up 3 ¾ cents and December at $3.91, up 4 ½ cents.
  • IEG Vantage estimated the 2019/20 US corn acres at 91.771 million, up from 91.591 million previously. 

Oilseeds

The soybean market traded higher on ideas of being oversold, and a lower acreage number for this year. Gains were limited on uncertainty over the fate of the US/Chinese trade war situation. 

  • Closes: May at $8.96 ¾, up 6 ¾ cents, July at $9.10 ½, up 6 ½ cents and November at $9.31 ¾, up 6 ¼ cents.
  • IEG Vantage estimated the 2019/20 US soybean acres at 85.494, down from their previous estimate at 86.044 million acres. 

Wheat

The wheat market tore higher on technicals and short covering in Chicago, after making recent contract lows over the past few days.  Prices drew additional support as bargain hunters emerged, taking advantage of the lower board prices.  KC and Mpls followed Chicago to higher levels. 

  • May closes: Mpls at $5.60 ¾, up 14 ½ cents, KC at $4.42 ¾, up 21 cents and Chicago at $4.53, up 23 ¾ cents.
  • Market chatter suggests that Iraq may be in the market for US HRW.
  • Winter wheat areas brace for another round of winter storm action later this week. 

    Livestock

    The livestock market was mixed with the hog market finally coming up for air.  Hog prices drew support from stronger products and cash.  The cattle market took it in the shorts on a bout of profit taking and a bit of spread activity selling cattle/buying hogs.  Ideas are that the hog strength could continue for another day or so.   

  • Feeder cattle closes: April at $144.25, down 1.72, May at $146.07, down 1.32 and August at $151.30, down 1.20.
  • Live cattle closes: April at $123.35, down 2.65, June at $118.50, down 1.75, August at $115.25, down 1.40.
  • Lean hog closes: April at $63.60, up 75 cents, June at $80.22, up 27 cents and August at $83.10, up 62 cents.
  • Packer margins were last at $99.90 for beef and $31.80 for pork (nice run higher in the beef.....76.50 a week ago).
  • AM Boxed Beef values on 52 loads: Choice at $228.84, up 1.48 and Selects at $221.18, up 1.55.
  • AM pork product values on 204 loads:Carcass cutout at $68.99, up 2.57, loin at $63.56, up 1.37, ribs at 116.06, down 15 cents, hams at $54.15, up 4.18 and bellies at $128.15, up 7.25.
  • The cash hog market finally got some legs with reports of being 1.31 higher at a weighted average of $49.73 in IA/MN.