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Needed Bulls Return

By DTN Staff

OMAHA (DTN) — Commodity markets finally pushed back Thursday after a week of brutal trading days with futures prices in grains, livestock and energy sectors all ending in the green.

Stocks and commodity markets rose despite continued negative headlines and economic concerns about the coronavirus, including a surge of unemployment claims over the past week. The Dow Jones Industrial Average moved up roughly 1% to end at 20,066 points after dipping below the 20,000 level Wednesday.

Bullish factors, which seemingly disappeared just days ago, showed up again, noted DTN Lead Analyst Todd Hultman. Higher crude oil and the threats of port closures in both Argentina and Brazil helped spark markets higher, Hultman said.

Leading the markets higher were soybean meal and soybeans, buoyed by logistical issues at South American ports. May soybeans closed up 17 3/4 cents to $8.43 1/4, fueled by Thursday’s higher soybean meal prices. May soybean meal closed up $10.80 to a new four-month high of $314.80, supported by several potentially bullish factors.

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