Afternoon Market Highlights


Highlights

Wall Street saw a bit of relief in today’s trading session, on ideas that there is hope for economic stimulus from the Federal Reserve, Congress or the US President. The NOPA soybean crush report for February is scheduled for Monday. The average trade estimate is at 164.956 million bushels. 

  • The energy markets are mostly stronger with crude oil up 1.43 at $31.73/barrel.
  • The US$ is up 1.084 at 98.55, the gold market is 61-62 bucks lower at 1529 and the CD$ is up a freckle at 0.723.
  • DJIA up 758 at 21958, S&P up 160 at 2631 and NASDAQ up 232 at 7434. 

Corn

Corn prices closed mixed on a slight bounce in the equity markets. The March contract expired today in quiet trade.  The May contract made a new contract low of $3.63 ½, before bouncing into the close. July closed at its contract low and Sep/Dec traded the day above their respective contract lows. 

  • Closes: May at $3.56 ¾, unchanged, July at $3.68 ½, down ¼ cent, September at $3.67 ¾, up ¼ cent, December at $3.73, up 1 ¼ cent.
  • The USDA announced the sale of 136k tonnes of corn to South Korea for the current marketing year.
  • Spreads: K/N 2 ¾ carry, N/U ¾ inverse, N/Z 4 ¼ carry, Z/N1 16 `/4 carry.

Oilseeds

Soybean prices tumbled to contract lows in many months as weather conditions improve across South America. Prices drew additional pressure from technical selling amidst slowed demand for US soybeans. Argentina has received beneficial rains this week and is expected to see additional rain events next week. 

  • Closes: May at $8.48 ¾, down 10 ¾ cents, July at $8.56, down 9 ¾ cents, August at $8.59 ½, down 8 ¾ cents, November at $8.64 ½, down 8 ½ cents. The products were weaker with meal down 3-4 bucks and oil down 1 point.
  • Many months in soyoil made new contract lows.
  • Brazil harvest is estimated at 63% complete with the return to drier weather. Export lineups are said to be extremely large.
  • There has been no sign of China stepping up to the plate to purchase big quantities of US soybeans.
  • Spreads: K/N 7 ¾ carry, N/Q 3 ¾ carry, N/X 8 ¾ carry, Q/X 5 ¼ carry, X/F 3 ¾ carry, X/N1 6 ¾ carry.

Wheat

The wheat market finished the week mixed with Mpls and KC a freckle lower and Chicago up a hair. Prices were off their lows on technical buying and a bout of short covering after steep losses earlier in the week. 

  • May closes: Mpls at $5.08, down 1 cent, KC at $4.31 ¾, down 1 cent and Chicago at $5.06, up 1 ½ cents.
  • The Chicago May broke $5 support and bounced back at the close, settling above that.
  • unfavorable weather conditions.
  • Paris milling wheat closed slightly lower, bouncing off recent six month lows from a slight comeback in the equity market.
  • Spreads: Mpls K/N 10 ¼ carry, U/Z 15 ¼ carry, Z/H 14 ½ carry.......Kansas City K/N 6 ¾ carry, K/K21 50 ½ carry (4 ¼ cents/month) .... Chicago K/N ¾ carry.