CFAP 2 Application Deadline – December 11

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Corn Mar -5 421 (420-29); Jly -5 425; Dec -1 407

Bean Jan -6 1162 (1161-76); Mar -6 1163; Nov -5 1036

  Meal Jan unch 390 (389-94)

   Oil Jan -48 3701

Wheat Mar -8 577; Jly -7 581 (580-92)

  KC Mar -8 539; MGE -4 549

Oats Mar unch 292

Rice Jan -2 1253

 

LC Dec +45 11062; Feb +30 11317; Apr +42 11682

FC Jan +60 14165; Mar +67 14065; May +82 14267

LH Dec -60 6697; Feb +17 6875; Apr -2 7137

Milk Dec +7 1522; Jan -4 1587

 

After trading higher overnight, CBOT futures succumbed to selling pressure late morning and closed lower and near the day’s lows. Today’s losses follow Monday’s sharp losses and may lead to further weakness. Ideas that moisture conditions will improve in South America weighed on the market; however, some areas remain under stress. The spec funds are carrying huge long positions in corn and the soy complex which make the market susceptible to selling sprees. Even a sharply lower US Dollar could not lift ag futures. The US$ Index made a new low which hasn’t been seen since April 2018. Further weakness expected in the US$ will be supportive for U.S. ag exports. Stock Indexes made new record highs today and Treasury Yields rose strongly.

Cattle futures closed slightly higher as traders wait for more direction from the cash markets. Choice beef slid .28 to 243.40 and Select rose .65 to 223.08, leaving the CH/SEL spread at 20.32. Negotiated trade has been very light at $109-110 live and $172 dressed.

Lean hog futures closed mixed with the nearby December LH contract finishing lower on weakness in the cash hog price and pork cutouts. FOB Plant Pork closed down 3.01 at 77.08, compared to 77.74 in the morning report. A 10% drop in the ham value is primarily responsible for the drop, but the belly, loin and butt cuts were also lower in value. Movement was heavy.

 

US$ -.9% 91.18 new low for the current downtrend

Dow +185 29824 – record high set last week

SP +41 3662 – RECORD HIGH CLOSE

NAS +156 12355 – RECORD HIGH CLOSE

Tran +44 12494

  VIX +.30 20.87

 

WTI -79 4455

Brent -59 4759

Gas -2 122

NG unch 288

HO -3 135

Eth unch 135

Gold +37 1818

Slvr +153 2412

 

2-yr +.023 0.170%

5-yr +.055 0.416%

10yr +.081 0.923%

30yr +.091 1.662%

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