Market Recap: Cattle Futures Plunge Despite Cash Market Gains

Posted on 04/19/2018 3:01 PM

Corn: Corn futures settled 1/2 to 1 cent lower through the December contract. That was near the middle of today’s narrow trading range. The corn market struggled to find buyers today as the forecast calls for warmer and drier conditions for the Corn Belt next week.

Soybeans: Soybean futures contracts finished low-range but off session lows with losses of 2 1/2 to 4 1/2 cents. Meal futures closed down $2.80 to $3.60 and bean oil was off 1 to 2 points in the nearbys. Short-term futures traders booked some profits today. Traders ignored impressive weekly soybean export sales of nearly 1.041 MMT for 2017-18 and 1.091 MMT for 2018-19, for the week ended April 12.

Wheat: Winter wheat futures enjoyed gains for much of the day, and the market ended in positive territory, with HRW futures 5 to 6 3/4 cents higher and SRW wheat up 1 1/2 to 1 3/4 cent. HRW wheat futures enjoyed solid followthrough buying today amid ideas rains on the Plains over the weekend could actually prompt farmers to tear up wheat fields and plant other crops.

Cotton: Cotton futures once again saw two-sided trade, but most contracts were able to settle in the upper half of their daily trading ranges with gains ranging from 21 to 27 points, with the exception of the October contract that settled 190 points higher.

Hogs: Lean hog futures closed down 27 1/2 to 52 1/2 cents in the June through December contracts. Prices finished nearer their daily lows after the June, October and December contracts hit four-week highs early on today.

Cattle: Live cattle futures posted sharp losses of $1.175 to $2.275. Feeder cattle finished $1.525 to $2.35 lower. Cattle futures more than gave back yesterday’s gains. Some contracts erased all of the gains posted earlier this week.

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