Market Closes – April 6, 2016

CBOT futures closed mixed. Wheat dropped sharply after three days of fairly steady closing prices. Wheat futures were pressured by yesterday’s USDA Crop Condition rating of 59% good/excellent which was better than expected and well ahead of year-ago levels, as well as by forecasts for rain next week. Soybeans edged higher on support from a higher soybean oil market and a successful test of the 200-day moving average in the May Soybean contract. Corn futures closed steady/firm on cool weather and a positive weekly ethanol report that showed lower production and inventories. Funds bought corn and soybeans and sold wheat.

Cattle futures closed higher with the most strength in the nearby Live Cattle contract based on ideas that packers are short-bought (need to buy cattle). April LC futures are still below cash trade reported as high as $133/cwt. Boxed beef values were strong during the futures trading session but weakened in the afternoon. Choice down 1.29 at 216.41; Select down 1.77 at 207.43. This is much lower than the midday quotes of 218.16 and 208.87.

Lean Hog futures closed higher with summer month contracts doing the best. LH were supported by firm hog and pork markets. FOB Plant Pork edged up .28 to 77.88; ribs fell sharply but butt and belly cuts rose in value. This was up .76 at midday. Current futures are $4-5/cwt below the early March highs.

Corn May +1 358; Jly +1 361; Dec unch 371
Bean May +3 908; Jly +3 916; Nov +3 922
Meal -1 268
Oil +27 3426
Wheat May -11 463; Jly -11 470
KC -12 461; MGE -8 516
Oats -1 183
Rice -4 974

LC Apr +140 13207; Jun +110 12185; Oct +45 11742
FC Apr +55 15317; Aug +35 15120; Oct +55 14910
LH Apr +12 6750; Jun +97 7997; Oct +72 6860
Milk Apr +4 1376; May +4 1376

 

US$ -.1%
Dow +113 17716
SP +21 2067
NAS +77 4921
Tran -19 7754
VIX -1.33 14.09 -8.6%

WTI +184 3773
Brent +188 3975
Gas +2 140
NG -5 190
HO +7 114
Eth +2 150
Gold -5 1224
Slvr -5 1506

2-yr +.016 0.740%
5-yr +.019 1.203%
10yr +.031 1.758%
30yr +.038 2.586%

Lexington Auction (Tues)
Weighted Average Report for 04/05/2016
Receipts: 1147 Last Week: 972 Year Ago: 1186
Compared to last Tuesday’s sale steer calves under 600 lbs sold 2.00 to 5.00 lower with light to moderate demand; over 600 lbs sold steady. Heifer calves under 600 lbs sold 5.00 to 10.00 lower and featherweights sharply lower with light demand; over 600 lbs sold weak with moderate demand. Fleshy unweaned calves facing substantial discounts. Yearling steers traded steady with moderate demand. Quality was average through good. Slaughter cows traded 1.00 to 2.00 higher and slaughter bulls traded steady with moderate demand.

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