Market Closes - August 19, 2019

Posted on Aug 19, 2019

Corn Sep -6 365; Dec -6 374 (373-78)

Bean Sep -13 854; Nov -13 866 (864-78)

  Meal -3 292

  Oil -45 2868

Wheat Sep -5 465; Jly -5 490 (487-93)

  KC -3 391; MGE -1 505

Oats -10 270

Rice -17 1103

 

CBOT futures closed lower and near the day’s lows for corn and soybeans; wheat finished midrange. Futures rallied from lower prices when the day session opened at 8:30 am, but soon returned to the trend lower. Corn and soybeans were pressured by weekend rains in the Midwest which may boost some yields. Today’s losses look bad but remember that these futures rallied strongly on Friday. Corn charted an “inside day”. Tonight’s crop condition ratings show only a percentage point decline for both corn and soybeans. ProFarmer is conducting its Midwest Crop Tour this week, which will provide another perspective on national yields.

Week ending August 18
U.S. Corn Conditions
.      Good/Excellent  Poor/V.Poor
This Week      56%         14%
Last Week      57%         13%
Last year      68%         12%

** 15% dented vs 30% average


U.S. Soybean Conditions
.      Good/Excellent  Poor/V.Poor
This Week      53%         14%
Last Week      54%         13%
Last year      65%         11%

  ** 68% setting pods vs 85% average

Winter Wheat Harvested
93% complete vs 98% average

U.S. Pasture and Range
54% good/excellent vs 40% year ago.
17% poor/v.poor vs 29% year ago.

LC Aug +27 10020; Oct +17 9822; Feb +5 10897

FC Aug +110 13567; Oct +32 13317; Jan -2 13090

LH Oct +202 6402; Dec +207 6285; Feb +170 6972

Milk Aug unch 1762; Sep -7 1778

 

US$ +.2% 98.36

Dow +250 26136

SP +35 2924

NAS +107 8003

Tran +114 10082

  VIX -1.59  16.88

 

WTI +133 5614

Brent +110 5974

Gas +1 166

NG +1 221

HO +2 183

Eth -1 129

Gold -12 1500

Slvr -18 1694

 

2-yr +.071 1.549%

5-yr +.066 1.480%

10yr +.068 1.608%

30yr +.085 2.085%

Cattle futures closed mostly higher but near the day’s lows after a rally during the first hour failed to hold. Today’s strength was mostly technical in nature as last week’s sellers were covering and booking profits. Choice beef rose .44 to 239.13 and Select gained 1.26 to 214.52.  CH/Sel spread is 24.61. Relatively strong boxed beef values and packer margins are limiting losses.

Lean Hog futures closed strongly higher and near the day’s highs. LH opened near steady but short-covering drove futures higher. FOB Plant Pork closed down 1.28 at 84.98 with ham value down over 5%. The morning quote was UP .38 on belly strength. Hog traders continue to look for signs of increased Chinese pork purchases and a US/China trade deal.

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