Market Closes - December 11, 2019
Posted on Dec 11, 2019USDA 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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