Market Closes - August 1, 2019

Posted on Aug 1, 2019

Corn Sep -7 393; Dec -7 402 (397-412)

Bean Sep -16 853; Nov -16 865 (860-82)

  Meal -5 295

  Oil -8 2780

Wheat Sep -11 476; Jly -13 501 (497-515)

  KC -7 416; MGE -1 518

Oats +2 258

Rice unch 1195

 

LC Aug +165 10855; Dec +100 11322; Feb +47 11682

FC Aug -7 14145; Oct -122 14132; Jan -80 13950

LH Aug -25 7907; Oct -185 6915; Dec -220 6807

Milk Aug -2 1723; Sep +1 1769

 

Grain futures followed the lead of the financial markets in dropping sharply as news broke that President Trump will place a new 10% tariff on $300 billion of Chinese products effective September 1. U.S. equity markets went from up 1% before the news to down 1% at the closing bell. CBOT futures were already under pressure from Wednesday’s sharp selloff on poor fundamentals and speculative selling. Crude oil dropped $4/barrel, which is negative for ethanol and corn.

December Corn is now down 60 cents in the last 3 weeks; we’re now 40 cents above the May seasonal low.

Live Cattle futures closed higher, recovering much of yesterday’s losses. LC ignored the negative news and price action in many other ag futures and the US financial markets. Traders are optimistic about the cash fed market. Choice Beef rose .70 to 214.24 and Select fell .35 to 189.34.

Lean Hog futures beyond the nearby August LH closed sharply lower, adding to yesterday’s limit-down losses. President Trump’s tariff announcement only added to the current bearishness in the Lean Hog market. Fob Plant Pork cutout rose .24 to 87.79. The October LH moved below the July low. In less than 30 days, this contract rallied $14 and has since lost all of it.

US$ -.2% 98.4

Dow -281 26583

SP -27 2954

NAS -64 8111

Tran -268 10433

  VIX +171 1783

 

WTI -409 5454

Brent -402 6103

Gas -10 176

NG -6 217

HO -10 187

Eth -1 144

Gold -5 1421

Slvr -22 1618

 

2-yr -.015 1.684%

5-yr -.161 1.684%

10yr -.131 1.890%

30yr -.091 2.435%

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