Market Closes - August 7, 2019

Posted on Aug 7, 2019

Corn Sep +2 406; Dec +1 414 (409-15)

Bean Sep +1 854; Nov +1 867 (862-69)

  Meal -2 295

  Oil +45 2801

Wheat Sep +4 488; Jly +3 510 (501-11)

  KC unch 418; MGE -1 521

Oats +3 269

Rice +3 1137

 

LC Aug +47 10760; Dec +27 1117; Feb +22 11532

FC Aug -42 13955; Oct +25 13890; Jan +25 13742

LH Aug +60 7772; Oct +225 6685; Dec +240 6342

Milk Aug -3 1754; Sep -6 1784

CBOT futures closed steady to slightly higher, but near the day’s highs. There was little new in the market today as traders prepare for Monday’s USDA crop reports. Otherwise, most fundamentals are hanging over the market. The next item on the radar is tomorrow’s weekly export sales report. The spec funds have sizable positions long corn and short soybean futures.

Cattle futures closed mostly higher except for nearby feeder cattle. The recent selloff in cattle may be ending with strength in boxed beef values. Choice beef gained .71 to 216.49 and Select edged up .06 to 192.71.  Cash fed cattle trade is not established. Let’s hope for a strong weekly beef export sales report tomorrow.

Lean hog futures closed strongly higher beyond the nearby August LH. The rally was mostly technical in nature since LH futures have fallen sharply since the last high on July 24. Futures are at a discount to cash (CME Index = 84.19).  FOB Plant Pork slipped .33 to 88.40. Belly value rose nearly 4% but hams lost nearly 5%. Although China needs to import pork amid rising prices, U.S. producers aren’t likely to get the business given the US/China tensions.

Financial markets had a volatile day but recovered much of its losses today.  Treasury yields dropped sharply after a few nations lowered their key rates overnight. There remains much uncertainty about interest rates and the stock market. The VIX at 19.5 demonstrates this.

US$ +.1%

Dow -22 26007

SP +2 2884

NAS +30 7863

Tran -22 10150

  VIX -.68 19.49

 

WTI -256 5103

Brent -271 5623

Gas -7 162

NG -3 208

HO -7 175

Eth -1 142

Gold +35 1507

Slvr +75 1720

 

2-yr -.014 1.597%

5-yr -.012 1.534%

10yr -.023 1.716%

30yr -.032 2.238%

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