Market Closes - December 12, 2018

Posted on Dec 12, 2018

Corn Mar unch 385 (384-88); Dec unch 404 (403-05)

Bean Jan +5 920 (915-28); Nov +4 966 (961-71)

  Meal +2 313

  Oil +8 2904

Wheat Mar +5 526; Jly +3 539 (536-41)

  KC +6 511; MGE +8 583

Oats +2 294

Rice -9 1055

LC Dec +75 11912; Apr +37 12490; Jun +17 11627

FC Jan +27 14757; Apr +32 14560; Aug +42 14950

LH Dec +27 5472; Feb +50 6570; Jun +17 8370

Milk Dec unch 1371; Jan +12 1415

CBOT futures closed steady in corn to mostly higher in the other contracts. Futures rallied early morning on ideas China was buying soybeans, but without confirmation, traders turned sellers. This brought futures well off the day’s highs. Corn and soybean futures traded to new highs for the current move up before settling back. Soybean futures are near or just above the last cycle high set July 31st. Corn futures are just below the top end of its 2-3 month trading range. March Corn needs consecutive closes above 3.90. Trade reports have the speculators slightly long corn and barely short soybeans; they’re ready to move in whichever direction the next fundamental event leads the market. USDA export sales report will be closely examined tomorrow.

Cattle futures closed higher and near the day’s highs. Despite a sharp drop in Choice beef, a midweek cash trade at $119/cwt lifted LC futures. Choice beef dropped 2.21 to 212.25 and Select edged up .18 at 201.57.

Lean Hog futures closed slightly higher as prices recovered from Tuesday’s sharp selloff. Traders are hopeful that US/China relations are improving, and also expect market receipts to peak soon. Packer margins are quite good, but narrowed some today as Fob Plant Pork dropped.89 to 72.44.

US$ -.4%

Dow +157 24527

SP +14 2651

NAS +66 7098

Tran +3 9834

 VIX -.30 21.46

 

WTI -48 5136

Brent +6 6026

Gas -2 142

NG -27 414

HO unch 185

Eth +2 125

Gold +2 1244

Slvr +23 1472

2-yr +.002 2.774%

5-yr +.024 2.770%

10yr +.030 2.911%

30yr +.019 3.147%

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