Market Closes - December 10, 2018

Posted on Dec 10, 2018

Corn Mar -1 384 (383-86); Dec -1 402

Bean Jan -7 910 (908-16); Mar -6 923; Nov -4 957

  Meal -1 310

  Oil +2 2876

Wheat Mar -6 525; Jly -3 537 (535-40)

  KC -2 510; MGE -6 575

Oats +1 289

Rice -10 1066

LC Dec -32 11757; Apr -2 12360; Jun +10 11520

FC Jan +65 14502; Apr +75 14327; Aug +52 14762

LH Dec +47 5472; Feb -105 6682; Jun -55 8345

Milk Dec -13 1363; Jan -18 1380

CBOT futures closed mostly lower ahead of Tuesday’s USDA WASDE report. The markets closed weak with the losses stacking up in the last two hours of trading. Soybean and wheat losses pulled corn futures to the negative side. Corn had been lifted by some export sales. A strong dollar and sharply lower energy futures added to the pressure. Trade reports have the speculators long corn and near even in soybean futures. Traders are watching for China to make the promised purchases as the US and China negotiate a trade deal in a 90-day window ending March 1, 2019.

Here’s some of the latest statistics on China: 1) China’s November soybean imports of 5.38 MMT (preliminary data) is down 22% from October and 38% lower than last year. In the first 11 months of 2018, China imported 82.3 MMT of soybeans, down 4.3% from last year.   2) Counting all products during January-November 2018, China had a trade surplus with the U.S. of $293.5 billion, up from $251.3 for the same period last year.

Live Cattle closed mixed and Feeder Cattle ending higher. Live cattle were supported by firmer cash trade on Friday, trading around $119/cwt, and by higher boxed beef values last Friday and again today. Choice ended up 1.13 at 215.42 and Select gained .44 to 200.94.  Feeder futures closed higher as that market saw follow-through buying after FC bounced off of chart support on Friday. Last week’s beef production was up 4.4% week/week and up 3.5% from a year earlier.

Beyond the nearby December LH contract, LH futures closed lower. Although the pork cutout on Friday reached a 5-week high at 73.63, it dropped back today. FOB Plant Pork dropped .98 to 72.65 with 6% loss in ham value and 2% loss in loins. A stronger dollar and a lack of China trade news kept buyers at bay.

US$ +.5%

Dow +34 24423  low 23881

SP +5 2638

NAS +51 7021

Tran -75 9877

  VIX -.59 22.64

 

WTI -161 5120

Brent -190 5977

Gas -7 142

NG +6 454

HO -4 184

Eth -2 122

Gold -3 1244

Slvr -9 1448

2-yr +.020 2.731%

5-yr +.018 2.714%

10yr +.007 2.857%

30yr -.012 3.131%

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