Friday's Closing Grain and Livestock Futures
May corn closed at $6.29, down 1 cent
May soybeans closed at $13.61 and 3/4, down 10 and 1/4 cents
May soybean meal closed at $398.80, down $5.30
May soybean oil closed at 48.83, up 28 points
May wheat closed at $6.99, up 5 cents
Apr. live cattle closed at $126.02, down $1.22
Apr. lean hogs closed at $80.02, down $1.40
May crude oil closed at $92.70, down 56 cents
May cotton closed at 86.79, down 154 points
Apr. Class III milk closed at $17.52, up 7 cents
Apr. gold closed at $1,575.40, up $23.60
Dow Jones Industrial Average: 14,565.25, up 40.86 points
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Corn futures finished Friday with a 1 cent loss on the May contract and a 5 cent loss on the new crop Dec contract. On the week the May contract lost 9.53%, which does not include the losses that were logged on Thursday. The CFTC report, which runs from Tues to Tues, shows managed money reduced their net long position by 48.98%. The USDA announced this morning that private exporters reported a sale of 120,000 MT of new crop corn, which helped provide confidence to the market that the recent slide in prices is stirring up some demand. The new crop marketing year begins September 1. The new trading hours will take effect on Sunday night, with the CME opening for trade at 7 pm CST on Sunday evening instead of 5 pm. Trade will run from 7 pm to 7:45 AM, following by a 45-minute pause, and then will remain open until 1:15 CST. Next Wednesday the USDA will update its monthly WASDE report at 11AM CST.
May 13 Corn closed at $6.29, down 1 cent,
Jul 13 Corn closed at $6.17 3/4, down 3/4 cent,
Sep 13 Corn closed at $5.52, down 3 cents
Dec 13 Corn closed at $5.35, down 5 cents
Soybean futures traded lower on Friday, with the May contract moving to a fresh low in the morning trade and settling at its lowest level since the beginning of January. On the week the May contract lost 3.06% or $0.43 while Soymeal lost 3.16% or $12.80. Soy oil was able to finish positive on the day but had a weekly loss of 2.55% or $1.28. Managed money shed 31% of their net long position in soybeans according to the CFTC report that runs Tues to Tues. The National Average Basis for the front contract has strengthened 30 cents in the past month, and is currently 42 cents stronger than a year ago. The USDA will be updating the US and Global supply demand balance sheets in the WASDE report on Wednesday.
May 13 Soybeans closed at $13.61 3/4, down 10 1/4 cents,
Jul 13 Soybeans closed at $13.43 3/4, down 8 cents,
Aug 13 Soybeans closed at $13.17 1/4, down 4 3/4 cents,
Sep 13 Soybeans closed at $12.65, down 3 cents,
May 13 Soybean Meal closed at $391.80, down $5.30,
May 13 Soybean Oil closed at $48.83, up $0.28
Wheat futures finished positive and a penny off the highs of the session in Chicago. For the week the May Chicago contract gained 1.64% or $0.11. In Minneapolis the May contract gained $0.07 while in Kansas City the May contract lost a penny. The CFTC report shows traders were happy to add to their already net short position, increasing it by 60.8% to be net short 13,244 contracts from Tues to Tues. EU wheat settled near unchanged on lack of fresh market moving news. The National Weather Service forecast has some moisture in the forecast for parts of the HRW Wheat Belt. Southwestern Texas and parts of the panhandle are expected to see little moisture. The 6-10 forecast suggests average precipitation for the Southern Plains. Spring wheat planting season is set to get underway, although there is still some snow cover over parts of North Dakota.
May 13 CBOT Wheat closed at $6.99, up 5 cents,
May 13 KCBT Wheat closed at $7.26, up 4 1/4 cents,
May 13 MGEX Wheat closed at $7.87 1/2, up 1 cent
Cattle futures finished Friday with losses. The April contract posted its high in early morning trade, but selling pressure picked up following the weak jobs report that cast doubt on the overall health of the economy. Cattle futures are seeing pressure from an uncertain demand picture, with some in the trade worried about the state of the US economy. The US labor department reported non-farm payrolls increased 88,000 in March compared to economists’ expectations of 200,000. On the week April cattle lost $2.88 or 2.23%. Feeder cattle could not pull a rally together despite a major drop in the price of corn, with April feeder cattle down $0.88 on the week. Boxed beef finished Friday lower with a 40 cent loss on Choice and a $1.24 loss on Select. On the week Choice gained $2.27 and Select lost $1.37. The CME feeder cattle index was 48 cents higher at $140.27. There was limited cash cattle trade on Friday with not enough sales to develop a trend. Earlier in the week Nebraska and Colorado had live sales at $1.29.
Apr 13 Cattle closed at $126.025, down $1.225,
Jun 13 Cattle closed at $121.500, down $0.850,
Aug 13 Cattle closed at $122.250, down $0.950,
Apr 13 Feeder Cattle closed at $142.575, down $1.325
May 13 Feeder Cattle closed at $144.300, down $1.650
Aug 13 Feeder Cattle closed at $151.200, down $1.625
Hog futures stumbled on Friday with more than a $2 loss on the April contract. Weak jobs data caused the Dow to sink to triple digit losses, but buying interest after the slide helped it close only down 0.28%. 88,000 jobs were added in March, which was the smallest amount in 9-months. Cash hogs were higher on the day with IA/MN up $2.02, the WCB $2.06 higher, and the ECB $0.15 higher. The pork carcass cutout lost 17 cents on the day and with a 26 cent loss on the week. The weekly slaughter including Saturday is estimated at 2,088,000 million head. A heavier slaughter number is lined up for Saturday as packers attempt to make up for Mondays inactivity. The weekly slaughter is running 0.9% behind a year ago. The CME lean hog index is $1.02 higher at $78.01.
Apr 13 Hogs closed at $80.025, down $1.400,
May 13 Hogs closed at $86.900, down $2.250
Jun 13 Hogs closed at $89.700, down $2.325
Cotton finished with losses on the week but futures were able to rally in the final minutes of trade that helped pull prices off the session lows. On the week May cotton lost 2.05% or 181 points. Crude oil was playing defensive on Friday as it settled at a two week low, although futures did rally in afternoon trade that pulled futures off the session lows. Next weeks forecast is showing some rain potential in West Texas, while Georgia is also expected to see some precip. The Cotton Certified Stock Report showed current deliverable stocks here in the US at 421,559 bales, 0 new certs, and 417 decerts. There were 31,667 bales awaiting review. The Cotlook “A” index was reported 0.85 lower at 94.85. May cotton deliveries begin on April 24th. May cotton options expire on the 12th.
May 13 Cotton closed at 86.79, down 154 points,
Jul 13 Cotton closed at 88.57, down 140 points
Oct 13 Cotton closed at 87.93, down 130 points