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Afternoon Market Highlights
April 16, 2018
Afternoon Market Highlights
4/16/2018 2:11:58 PM
By Ami L Heesch
NOPA crush at record levels for March, crushing 171.858 million bushels. Soyoil stocks were reported at 1.946 billion pounds, the largest since June 2016. Soymeal exports were at 878,582 tons, which was above last month.
Energy markets are mostly lower with the crude oil market over a dollar weaker.
The US$ is weaker, the CD$ and gold are stronger. The Dow, S&P, NASDAQ and Nikkei are trading higher.
May options expire after the close on Friday, April 20
. First notice day for May futures is April 30
with all long positions being reported after the close on the 29
The corn market traded lower in sympathy with the wheat market. Losses were limited on potential planting delays in the Midwest (cold in the WCB and cold/wet in the ECB).
Corn plantings are expected to be at 5% complete, on par with the 5-year average.
Closes; May at $3.82 ½, down 3 ¾ cents, July at $3.91, down 3 ½ cents and December at $4.07 ¼, down 3 ½ cents.
Gulf premiums were steady to 1 cent weaker for A/M. ECB processor bids were mostly unchanged. PNW bids were unchanged for A/M.
Weekly export inspections were reported at 1.505 mmt versus 1.940 mmt last week.
Spreads; K/N 8 ¼-8 ¾ carry, N/U 6 ¾-7 ¼ carry, U/Z 8 ¾-9 ¼ carry and Z/H 7 ¾-8 carry.
The soybean market opened slightly higher but prices did not hold. Prices turned lower on profit taking and ideas of increased US soybean plantings and increased harvest progress in Brazil.
Yields are said to be very good in Brazil and Paraguay.
Closes; May at $10.42, down 12 ¼ cents, July at $10.53 ¼, down 11 ¾ cents and November at $10.40 ¼, down 9 ¼ cents. The products were weaker with meal down five bucks and oil down 30 points. Soyoil oil closed lower in sympathy with the crude oil market.
Gulf premiums were 2-3 cents weaker. ECB processor bids were mostly unchanged, with Decatur down 4 cents. PNW bids are 3 cents stronger. Brazil bids are steady.
Weekly export inspections were reported at 445 tmt versus 381 tmt last week.
Spreads; K/N 10 ¾-11 ¼ carry, N/Q 3 inverse to 1 cent carry, N/X 17-12 cents inverse, X/F 2 ¾-3 ¼ carry.
The wheat market got thumped today on beneficial moisture moving across the Southern Plains the next 7-10 days. Mpls trails behind KC on concerns of planting delays in the key state of ND where temperatures are still pretty cold.
Winter wheat conditions are expected to be mostly unchanged from the previous week.
May closes; Mpls $6.06 ¾, down 10 ¼ cents, KC at $4.78, down 17 ¾ cents and Chicago at $4.62 ¼, down 10 ¼ cents.
Ukraine spring wheat seedings are at 50% complete and weather conditions are said to be good for now.
Russian wheat plantings are behind last year but are expected to catch up over the next week or so. The Russian Ruble is weaker which keeps Russia at an advantage in the world export arena.
Mpls gained on KC with the MWK/KWK at a $1.28 ¾ premium, July at a $1.19 ¼ premium and September at a $1.03 premium.
Weekly export inspections were reported at 483 tmt versus 431 tmt last week.
Spreads; Mpls K/N 9-10 carry, Kansas City K/N 18 ¾-19 ½ carry, Chicago K/N 15 ½-17 carry.
The hog market traded lower with the June contract at a huge premium to where the April contract expired last Friday and the two-day lean hog index.
The cattle market holds strong on higher cash prices paid late last week.
Today’s slaughter is estimated at 116,000 for cattle and 462,000 for hogs.
Packer margins remain strong at $75.80 for beef and $26.40 for pork.
The two-day index was last at $136.42 for feeder cattle, up 66 cents and $53.23 for hogs, up 26 cents.
AM Boxed Beef values on 57 loads; Choice at $212.14, down 47 cents and Selects at $200.55, up 64 cents.The Choice/Selects spread was last at $11.59.
AM wholesale pork values on 193 loads; Carcass at 66.61, up 1.09, loins at $68.57, up 1.85, hams at $55.33, up 2.48 and bellies at $85.57, down 4 cents.
Hogs; weighted average was at $50.10, down 3 cents for 3,233 head that were sold ($44.0-$50.15).
IA/MN cash hogs were reportedly sold at $48.11, down 3.41 on 73 head ($44-$49.5).
Cash cattle traded last week at $114-$120 on a live basis and $188-$193 dressed. Trade has not developed yet this week.Feedlot operators are sorting out their situations from the winter storm this past weekend.Movement could be delayed for the first part of the week, which could encourage the packers to push their bids to get cattle bought.
Morning Quick Notes
Daily Afternoon Notes
USDA Quarterly Stocks & Small Grains Summary
USDA Monthly Supply and Demand
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