Closing Futures Prices for Grain And Livestock Markets
May corn closed at $5.01 and 3/4, up 1 and 3/4 cents
May soybeans closed at $14.73 and 3/4, down 1 and 1/2 cents
May soybean meal closed at $479.10, down $1.00
May soybean oil closed at 41.57, down 10 points
May wheat closed at $6.69 and 3/4, down 6 and 1/4 cents
Apr. live cattle closed at $143.05, down $2.10
Apr. lean hogs closed at $123.15, down $2.60
May crude oil closed at $101.14, up 85 cents
May cotton closed at 92.40, up 142 points
Apr. Class III milk closed at $23.94, down 29 cents
Apr. gold closed at $1,303.20, up $18.80
Dow Jones Industrial Average: 16,412.71, down 159.84 points
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Market News Recap.
Soybeans were mostly, modestly higher, adjusting spreads inside the pit. The near term supply remains tight and demand continues to look strong, but there are concerns about Chinese demand. The trade’s also watching harvest around South America. Soybean meal and oil were mixed, also adjusting their spreads. That’ll delay harvest in Argentina and Brazil, but should help 2nd crop beans.
Corn was higher on technical buying. China has reportedly canceled more U.S. corn due to unapproved GMO content, but contracts bounced back pretty well after the recent losses. The trade is watching weather and while there are some early planting delays, it’s really too early to get concerned. USDA’s monthly crop progress report resumes April 7.
The wheat complex was lower on fund and technical selling. Wheat’s looking at a fairly large available supply, especially on a global level, and there’s no real fresh news. The complex is watching the chances for rain around the Southern Plains. There’s definitely some in the forecast, but most areas will need considerably more to really break the drought. Russia’s Ag Ministry reports spring planting is ahead of last year’s pace.
Chicago Mercantile Exchange live and feeder cattle futures were lower Friday. There was a lot of spillover from the mostly limit down move in hogs and there are questions about consumer demand as we get closer to widespread grilling weather. Additionally, the trade was a little disappointed cash business was so slow to develop. DTN reports some light to moderate trade in Nebraska at $150 Live and $240 to $242 Dressed. Boxed beef dropped, with Choice down $3.21 and Select $4.04 lower. The estimated slaughter of 105,000 head was down 6,000 on the week and 8,000 on the year.
Lean hog futures were sharply lower, with most months down the $3.00 daily limit. Hog weights have increased quite a bit over the past year and, not unlike beef, the trade is concerned about demand as we head into grilling season. The cutout value Friday was up $1.08 at $130.99, but that followed a nearly $4 decline Thursday. On top of all that, there’s a large amount of uncertainty about PEDv damage. The National Direct barrows and gilts were down $1.43 at $125.18, the Eastern Cornbelt was $.68 higher at $125.69, the Western Belt was $3.48 lower at $124.54, and Iowa/Southern Minnesota was $3.54 lower at $124.90. The estimated slaughter of 372,000 head was up 9,000 on the week, but down 43,000 on the year.
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