Afternoon Market Highlights
4/23/2019 3:43:38 PM
- Last trading day for May grain and oilseed options is April 26th, and first notice day is April 30th.
- The energy markets were mostly higher today, with June crude oil at $66.34 up 0.79.
- U.S. China trade talks will continue next week in China.
The corn market traded lower today in sympathy with soybeans. The May, July, September, December, and March contracts all put in fresh contract lows today. The downward trend is aided by large grain stocks. There is not a large concern about delayed planting yet, despite the low corn planting numbers yesterday.
- European Union corn imports were reported at 19.9 million tonnes, which is up from 14.1 million tonnes last year.
- Closes: May at $3.51 ¼ down 3 ½; July at $3.60 ¼ down 3 ¼; September at $3.68 ¼ down 2 ¾; December at $3.79 ¾ down 2 ¾.
- Spreads: K/N 9 cent carry; N/U 7 ¾ cent carry; U/Z 11 ½ cent carry; Z/H 14 ¾ cent carry.
Soybeans traded lower today on a lack of supportive news. There still is no signed trade deal with the U.S. and China, and exports have been weak. The May soybean contract has an RSI on 18.34, and an RSI of 30 is generally considered to be oversold.
- May soybean oil closed at 28.06 down 0.64 and May soy meal closed at $301.00 down 1.5.
- Canola traded lower today, with May canola closing at $438.10, down 5.00.
- Closes: May at $8.62 down 15; July at $8.75 ½ down 15 ¼; August at $8.81 ½ down 14 ¾; November at $8.96 ¼ down 13 ½.
- Spreads: K/N 13 ½ cent carry; N/U 11 cent carry; U/X 9 ½ cent carry; X/F 10 ¾ cent carry.
The wheat markets were mostly higher today, with spring wheat drawing support from the low planting numbers in yesterday’s crop progress report. There was also some technical buying as the markets bounced off yesterday’s lows.
- European Union soft wheat exports were reported at 16.5 million tonnes, which was lower than last year’s 16.8 million tonnes.
- May closes: Chicago at $4.38 ¾ up 3; Kansas City at $4.13 up 1 ¼; Minneapolis at $5.11 up 2.
- Spreads: Chicago K/N 6 ½ cent carry; Kansas City 6 ½ cent carry; Minneapolis K/N 8 cent carry.
The live cattle market was mostly lower today, and was followed by feeder cattle. The April live cattle futures will stop trading on April 30th. June live cattle closed above their 20-day moving average of $120.665, and May feeder cattle closed above their 50-day moving average $148.74. The CDC has reported an E. coli outbreak that likely stems from ground beef, with 159 reported cases in 10 states. It is not known at this time where the beef came from. Hogs were mostly lower today. African swine fever has continued to spread throughout China, with reports that all mainland provinces of China have been infected. May hogs closed above their 20-day moving average of $87.49.
- Feeder closes: May at $149.625 down 1.35; August at $159.70 down 0.075; September at $160.85 down 0.025.
- Live closes: June at $121.125 down 0.575; August at $118.20 down 0.70; October at $118.925 down 0.325.
- Lean hog closes: May at $87.825 down 0.85; June at $92.375 down 1.45; July at 97.20 down 1.025.
- Packer margins were estimated at $147.15 for beef and $6.40 for pork.
- The morning pork product values on 200 loads were: carcass cutouts at $89.16 up 1.30; loins at $76.62 up 0.39; ribs at $157.13 up 3.99; hams at $68.89 down 0.17; bellies at $158.34 up 2.17.
- The morning boxed beef values on 73 loads were: Choice at 234.73 up 0.25; Selects at $222.90 up 0.26.
- Today’s slaughter is estimated at 122,000 cattle and 475,000 hogs.