Market Closes – March 29, 2016

CBOT futures closed higher, supported by a significant drop in the US Dollar’s value that resulted from Federal Reserve Chair Yellen’s comments that suggest the FOMC will remain “dovish” and not raise interest rates for some time. US equities rallied strongly and Treasury yields fell sharply as a result.

Besides a weaker US Dollar, soybeans were supported by the strong rally in soybean oil related to the rising palm oil market. The funds were heavy buyers, adding to their long position (the trend is their friend), with prices above the key 200-day moving average. May Soybeans did not trade above chart resistance of 9.175, the high set in December. Wheat futures rallied for a second day on the weaker US Dollar and short-covering related to weather/soil moisture concerns.

Traders are preparing for Thursday’s USDA Reports at Noon Eastern.

Cattle futures closed little changed today on a lack of cash trade. April LC is at a slight discount to last week’s cash price. Boxed beef ended the day weak — Choice was down 0.22 at 225.06; Select down 0.79 at 216.84. This is weaker than the midday quotes of 226.45 and 217.33.

Lean Hog futures closed just slightly higher in very narrow-range trading. The recent Hogs and Pigs Report has been supportive, while weaker cash hog prices have limited upside in the April LH contract. FOB Plant Pork closed up .02 at 76.32, in line with the midday quote.

Corn May +2 373; Jly +2 377; Dec +2 389
Bean May +7 916; Jly +7 923; Nov +6 928
Meal +1 273
Oil +42 3405
Wheat May +6 477; Jly +6 484
KC +5 482; MGE +4 522
Oats unch 190
Rice -12 1006

LC Apr -25 13485; Jun unch 12552; Oct unch 12072
FC Apr +50 15607; Aug -2 15470; Oct -22 15125
LH Apr +32 7025; Jun +47 8292; Oct +35 7027
Milk Apr -2 1382; May -4 1371

 

US$ -.8%
Dow +98 17633
SP +18 2055
NAS +80 4847
Tran +93 7952
VIX -1.39 13.85 -9%

WTI -87 3852
Brent -92 3935
Gas -1 146
NG +4 189
HO -1 117
Eth +1 145
Gold +22 1242
Slvr +17 1536

2-yr -.081 0.788%
5-yr -.085 1.270%
10yr -.070 1.802%
30yr -.046 2.597%

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