Afternoon Market Highlights

Afternoon Market Highlights


Energy markets are lower with crude down almost $1, US$ is slightly higher and gold is lower.  The Dow and S&P are both higher.

The USDA S&D report was the feature today.  Overnight markets were pretty tame awaiting the big release.


The corn market has a very strong day due to changes in the March WASDE. Exports were increased by a very substantial 175 million bushels. May closed at $3.93 ½ up 6 ¼ cent, July closed at $4.00 ½, up 6 cents and December closed at $4.10 ¼, up 4 cents. 

  • Conab update their Brazilian corn estimate from 88 million to 87.3 million tons.

  • USDA increased ethanol usage to a record 5.575 billion bushels.

  • With today’s rally the RSI in corn has gone above 80 which is a technical sign of an overbought market.

  • Spreads; K/N 7 cents, N/U 4 ¼ cents, U/Z 5 ½ cents, Z/H 6 ½ cents. 


The soy complex was mainly lower based off of the USDA report today.  As expected exports were cut by 35 million bushels which helped increase the carryout to a very comfortable 555 million bushels.

May closed at $10.64, down 1 ¼ cents, July closed at $10.73, down 1 cent and the November closed at $10.45,up ½ cent. Soymeal closed $.10 lower on the May, and .40 lower on the December. Soyoil was down 26 points at the close. 

  • World soybean stocks were a touch friendly coming in nearly 1 million tons less than expected at 94.4 million tons.

  • This corn rally has pushed prices to an 8 month high.

  • China’s bean imports for February were 5.42 million tons.  That is the lowest total since October 2016.

  • Spreads; K/N 9 ¼ cents carry, N/Q at a ¾ cent carry, N/X at a 28 cent inverse, X/F 2 ¾ carry. 


The wheat market was mixed as the focus of the report was on the row crops. May closes; Mpls $6.24 ¾, up 4 ¾ cents, KC at $5.33 ¼, down 1 cent, and Chicago at $4.99 ¼, up 2 cents. 

  • World wheat stocks were bearish coming in over 3 million tons above expectations at 268.9 million tons. .

  • The USDA lowered exports by 25 million bushels which was no surprise given sluggish demand.  

  • Spreads; Mpls K/N 8 cents, Kansas City K/N 17 cents, Chicago K/N 16 cents. 


The cattle market was lower today. The market is hoping for some active cash trade to help set the direction. April feeder cattle closed at $143, down 2.37, August feeders closed at $149.97, down 2.05.  April live cattle closed at $121.77, down 1.20, June closed at $113.275, down 1.55, and the Dec closed at $117.35, down 0.75. 

The lean hog market continued to slide lower. April closed at $68.07, up 0.27, June hogs closed at $78.25, down 35 and Dec hogs closed at $62.47, down 0.17. 

  • Cash cattle are offered at $126 in the South. Trading $204/205 dressed.

  • Boxed Beef Values were higher this morning with Choice at $223.88 (up .31) and Selects at $216.78 (up 1.58) on 96 loads.

  • The spread between Choice and Selects was weaker at $7.10.

  • Today’s slaughter was estimated at 463,000 for hogs and 119,000 for cattle.

  • The lean hog two-day index was last reported at $67.66.