Market Closes - August 14, 2019

Posted on Aug 14, 2019

Corn Sep -7 359; Dec -6 370 (370-81)

Bean Sep -11 865; Nov -11 878 (877-93)

  Meal -5 295

  Oil unch 2917

Wheat Sep +2 474; Jly -1 494 (493-501)

  KC +1 385; MGE +2 505

Oats +5 277

Rice +4 1150

 

LC Aug -35 10020; Oct -75 9850; Feb +137 10957

FC Aug +675 13447; Oct +582 13337; Jan +472 13175

LH Aug +40 7940; Oct +220 6677; Dec +175 6477

Milk Aug +2 1762; Sep +6 1779

Corn and soybean futures closed sharply lower, pressured by the lack of progress on US/China trade as well as corn’s bearish USDA crop report. The sharply lower energy and equities market also weighed on traders. December YC came within 6 cents of the contract low. The spec funds have probably liquidated most of their big long position in corn.

Cattle futures found support today after two days of sharp losses. The very strong beef market has pushed packer margins to record high levels. This should encourage companies to add shifts to make up for the missing Tyson plant. Choice beef popped 5.98 to 232.34 and Select rose 5.34 to 205.92. Feeder futures soared today as traders realize that Tyson may well be open again in a few months.

Lean hog futures closed strongly higher as the August LH contract expired. The rally happened without support from cash hog prices or pork values. FOB Plant Pork -.31 to 88.90. LH is generally moving sideways in a wide range as traders hope for China to make purchases of US pork.

US$ +.2%  97.99

Dow -800 25479

SP -86 2841

NAS -242 7774

Tran -306 9842

  VIX +4.58 22.10

 

WTI -185 5525

Brent -230 5900

Gas -6 168

NG unch 214

HO -3 184

Eth -3 126

Gold +14 1516

Slvr +29 1728

 

2-yr -.090 1.579%

5-yr -.077 1.491%

10yr -.099 1.581%

30yr -.116 2.021%

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