Market Closes - December 11, 2019 - Kentucky Farm Bureau

Market Closes - December 11, 2019

Posted on Dec 11, 2019

USDA Extends Deadlines for Dairy Margin Coverage Program and Market Facilitation Program to Dec. 20, 2019
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Corn Mar -6 371 (371-77); Jly -4 384; Dec -3 388

Bean Jan -8 893 (892-902); Jly -7 935; Nov -6 941

  Meal -4 295

  Oil -24  3144

Wheat Mar -4 519; Jly -4 526 (523-30)

  KC unch 431; MGE unch 518

Oats -1 294

Rice -2 1243

 

LC Dec +70 12057; Feb +75 12532; Jun +67 11792

FC Jan +112 14277; Mar +115 14367; May +82 14632

LH Dec +22 6070; Feb -25 6772; May unch 8055

Milk Jan -22 1818; Feb -7 1756

A day after the WASDE failed to excite the market, CBOT futures closed lower and near the day’s lows. The spec funds are short corn and soybeans and there’s not apparently enough buying to overcome their selling. The week-long rally in soybean futures ended today even as more sales to China were announced. Technically, March Corn is resting right on chart support, while the new-crop December Corn traded to a new contract low and low close today. Today’s dovish interest rate announcement from the FOMC may weaken the US Dollar, which would support exports.

Cattle futures closed higher and near the day’s highs in both LC and FC. Today’s strength in futures overcame weakness in the boxed beef market and in light cash fed trade. December LC look to be $2-3 premium to cash. Choice beef fell 2.84 to 218.65 and Select slid 1.63 to 203.72, leading to narrowing of the Choice-Select spread to 14.93.

Lean Hog futures finished narrowly mixed as pork values changed little today.  FOB Plant Pork edged .07 higher to 83.19. Bellies rose 4 pct while picnics fell 6 pct. The morning quote was .51 higher. Traders will watch closely tomorrow’s US Export Sales report.

 

US$ -.4%  97.13  Hit a 4-month low.

Dow +30 27911

SP +9 3142

NAS +38 8654

Tran +49 10679

  VIX -.69 14.99  -4.4%

 

WTI -49 5865

Brent -62 6372

Gas -3 163

NG -2 224

HO -4 193

Eth -2 132

Gold +7 1475

Slvr +15 1685

 

2-yr -.035 1.617%

5-yr -.039 1.640%

10yr -.038 1.793%

30yr -.027 2.225%

The Federal Reserve left its interest rate target unchanged at 1.5-1.75%, as expected by the trade. Furthermore, the Fed indicated rates may remain unchanged through 2020. The FOMC also made its GDP forecast at 2.2% growth for 2019, and 2.0% for 2020. Its inflation forecasts remain at or below 2.0% through 2021.

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