Market Closes - December 16, 2019

Posted on Dec 16, 2019

Corn Mar +7 388 (383-89); Jly +6 400; Dec +5 400

Bean Jan +14 922 (912-23); JLy +14 962; Nov +11 962

  Meal +4 301

  Oil +54 3314

Wheat Mar +17 550; Jly +13 551 (539-58)

  KC +19 462; MGE +11 537

Oats +10 307

Rice +9 1260

 

LC Dec -7 12230; Apr -27 12792; Jun -25 11917

FC Jan -42 14525; Apr -60 14745; Aug -30 15260

LH Feb +100 7050; Apr +122 7745; Jun +122 8907

Milk Jan -72 1731; Feb -47 1713

CBOT futures closed sharply higher as traders become confident the US/China trade deal is for real this time. Gains were amplified by short-covering by the spec funds who appear to be on the wrong side of the market – for now anyway. Trade optimism will have to be fed by confirmed Chinese purchases in the coming weeks.

Cattle futures finished with losses after the market saw sharp gains on Friday. December LC actually posted a new contract high today before closing in the red. Support came from last week’s firm cash market and higher boxed beef values. Choice beef gained .79 to 217.08 and Select rose 1.27 to 205.51.

Lean Hog futures closed higher in follow-through buying to Friday’s rally on the US/China trade deal. LH traders may limit their bullishness until China increases its purchase of US pork. FOB Plant Pork fell 2.32 to 79.56 with ham value down nearly 8 pct.

US$ -.1% 97.1

Dow +100 28236

SP +23 3191

NAS +79 8814

Tran +92 10867

  VIX -.49 12.14

 

WTI +16 6014

Brent +13 6535

Gas unch 166

NG +6 235

HO +2 200

Eth +2 139

Gold -1 1480

Slvr +8 1709 

 

2-yr +.030 1.634%

5-yr +.055 1.708%

10yr +.056 1.875%

30yr +.043 2.294%

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