Afternoon Market Highlights
4/12/2019 4:24:24 PM
- The NOPA crush report will be released at 11:00 AM CDT on Monday, April 15th.
- April lean hog futures and options ceased trading today.
- There are reports that the European Union has drafted a list retaliatory tariffs to the U.S. in response to President Trump’s tariff threats earlier this week.
The corn market was quiet today, trading in a narrow range. Most contracts finished the day modestly higher. The specs have a record short position in corn of 294,352 contracts, which can leave the market vulnerable to a short covering rally. The May contract closed below its 10-day moving average of $3.61 ½.
- South Korea’s KFA purchased approximately 63,500 metric tonnes of corn in an international tender.
- Turkey has tendered to purchase approximately 300,000 metric tonnes of corn in international tenders closing April 24th.
- Closes: May at $3.61 up 1; July at $3.69 ½ up ¾; September at $3.77 ½ up ¾; December at $3.89 up ½.
- Spreads: K/N 8 ½ cent carry; N/U 8 cent carry; U/Z 11 ¾ cent carry; N/Z 19 ¾ cent carry; Z/N 27 ¾ cent carry.
Soybeans finished the day unchanged to modestly lower, trading in a narrow range today. There was a lack of fresh news in the market place to move prices higher following yesterday’s losses. The specs still have a large short position in soybeans of 84,961 contracts, which can leave the potential for a short covering rally. The May contract closed below the 10-day moving average of $8.99.
- China’s March soybean imports were reported at 4.92 million metric tonnes.
- March NOPA crush estimates range from 155.000 to 171.400 million bushels. Soy oil stocks estimates range from 1.702 to 1.872 billion pounds.
- May soy meal closed at $307.90 up 0.70 and May soy oil closed at 28.95 down 0.03.
- Closes: May at $9.85 ¼ unchanged; July at $9.08 ¾ unchanged; August at $9.14 ¼ down ¼; November at $9.27 ¾ down ½.
- Spreads: K/N 13 ½ cent carry; N/U 10 cent carry; N/X 19 cent carry; X/F 9 ¾ cent carry.
Minneapolis wheat fell lower today while Chicago and Kansas City wheat went higher. The Minneapolis wheat fell lower today as the lack of demand limits any rallying potential. Kansas City and Chicago saw a rise in price today due to technical trading. May Chicago wheat closed above its 20-day moving average of $4.64 ¼.
- Egypt purchased 240,000 metric tonnes of wheat, with 60,000 tonnes coming from Ukraine and 180,000 tonnes from Romania.
- It was reported that Algeria purchased a total of 540,000 tonnes of milling wheat, higher than the original report of 330,000 metric tonnes.
- May Closes: Chicago at $4.64 ½ up 4; Kansas City at $4.34 ¾ up 4 ¼; Minneapolis at $5.32 down 2.
- Spreads: Chicago K/N 4 cent carry; Kansas City K/N 6 ¾ cent carry; Minneapolis K/N 5 cent carry.
The cattle markets closed mostly higher today as crappy weather continues. The poor weather helps to create a logistical snafu and creates less than ideal conditions for growing cattle. The specs also have maintained a large long position in live cattle, which is at 121,916 contracts. Be aware that this can leave to market vulnerable to a sell off. Hogs traded both sides of the board today before closing mostly higher. The pork product values were higher today, which can lend support to the futures.
- Feeder closes: April at $145.425 down 0.125; May at $150.50 up 0.525; August at $158.70 up 1.025.
- Live closes: April at $126.55 up 0.725; June at $121.45 up 1.05; August at $118.20 up 0.875.
- Lean hog closes: April at $79.30 up 0.05; May at $89.60 up 0.90; June at $98.50 up 0.60.
- AM boxed beef values on 90 loads: Choice at $228.73 down 0.10; Selects at $221.78 up 1.83.
- AM pork product values on 193 loads: carcass cut outs at $86.68 up 2.25; loins at $78.49 up 3.70; ribs at $140.48 up 1.89; hams at $65.64 up 2.93; bellies at $160.18 up 3.56.
- Today’s slaughter is estimated at 118,000 cattle and 435,000 hogs.