Midday in the Markets


 Highlights

  • The US Dollar is down .180 points at 99.61.
  • The DJIA is up 164 points at 20,569.
  • Nearby May crude oil is down $0.02 at $50.42 per barrel.
  • In the 6-10 day forecast, temperatures look to move cooler for the PNW and Northern Plains.  Precipitation remains above average for the entire country.
  • Cattle on Feed report out tomorrow at 2:00 pm CDT
  • Cold Storage report out Monday, April 24 at 2:00 pm CDT 

Grains and Oilseeds

Corn

  • Corn is down 3 ¢.
  • Weekly corn export sales were 0.756 mmt, which is on the lower end of the estimated range of 0.700-1.000 mmt.
  • Continued precipitation has farmers on the sidelines waiting to get into the fields.  Some producers in central NE, southern IL, and southern IN are going as conditions allow.
  • Spreads: K/N 6.25 ¢ carry, N/U 7.5 ¢ carry, N/Z 18 ¢ carry.

Beans

  • Soybeans are down 1 ¢.
  • Weekly soybean export sales were 0.211 mmt, below the estimated range of 0.300-0.500 mmt.
  • StatsCan numbers will be released tomorrow morning.
  • Palm oil settled up 39 ringgits at 2,504, up 1 ringgit for the week.
  • Spreads: K/N 9.5 ¢ carry, N/Q 2 ¢ carry, N/X 3.5 ¢ inverse.

Wheat

  • Wheat futures are lower this morning. Chicago is down 7-8 ¢, Minneapolis is down 5-6 ¢, and KC is down 7-8 ¢.
  • Weekly wheat export sales were 0.414 mmt, coming in on the upper end of the estimated range of 0.250-0.450 mmt.
  • Argentina farmers are expected to plant 13.6 million acres, which would be a 7.8% increase from last year.
  • Spreads: K/N Chicago 15.25 ¢ carry, K/N Mpls 8.25 ¢ carry, K/N KC 12.5 ¢ carry.

Livestock

Cattle

  • Cattle are firmer this morning.  Live cattle are up $0.30-$1.40 and feeder cattle are up $0.05-$0.50.
  • Weekly beef export sales were 19.7 tmt, up from the previous week’s 15.5 tmt.  The Republic of Korea bought nearly 11 tmt of the total weekly exports.
  • Packer margins are in positive territory at $19.15/head in the black.
  • Boxes are firmer this morning.  Choice is up $0.20 at $215.37 and Select is up $1.58 at $203.58.

Hogs

  • Lean hogs are $1.75 lower nearby and $0.90 lower for June.
  • Weekly pork export sales were 36.2 tmt, up from the previous week’s 24.5 tmt.  China purchased nearly 25 tmt of the total weekly exports.
  • Packer margins remain strong at $38.08/head in the black.
  • Carcass values are firmer today, up $0.55 at $75.34/cwt.