3:05 PM: Good afternoon, this is Kluis Commodity Advisors with your closing grain comments for the week ending Friday March 13, 2020.
To Do: We had three new recommendations this week – please review them in the Saturday report. Keep all offers in place.
What I think: The grains were mixed today in a choppy day of trade with May soybeans having a 27 cent trading range. Uncertainty is still the major theme in all the markets even though the stock market managed to rally back today. Traders are still very reluctant to hold positions into next week. The US dollar has rallied back after the actions by the Fed earlier in the week and crude oil was stronger today as well.
Livestock futures: Trading was lower today. At this time, April Hogs are down $4.50 at $56.37 and April Cattle are down $4.50 at $95.57.
This week’s market action:
May Corn: The trading range for the week was 8 cents while closing down 11 cents for the week at $3.66.
May Soybeans: The trading range for the week was 35 cents with the May contract closing down 34 cents for the week at $8.49.
May Wheat: The trading range for the week was 15 cents with the Chicago market closing down 15 cents, Minneapolis down 1 cent and KC down 8 cents for the week.
Crude oil: Closed the week down $8.15 to $33.38.
Dow: Closed the week down 2,680 points to 23,186.
US Dollar: Closed the week up 2.58 points to 98.60.
What to watch: Monitor where the markets open up on Sunday night and watch for any news concerning the coronavirus.
We will have our next update by 6 am Monday morning. Have a great weekend.