Market Closes - December 18, 2018

Posted on Dec 18, 2018

Corn Mar +1 385 (383-86); Dec +1 405

Bean Jan +3 908 (903-12); Mar +3 921; Nov +3 956

  Meal +1 310

  Oil +24 2841

Wheat Mar -2 533; Jly -2 546 (543-48)

  KC -5 517; MGE -8 577

Oats -1 287

Rice -2 1053

 

LC Dec +75 11977; Apr +75 12460; Jun +55 11590

FC Jan +82 14620; Apr +85 14495; Aug +75 14917

LH Feb -117 6265; Apr -115 6782; Jun -90 8147

Milk Jan +8 1428; Feb +3 1457

 

CBOT futures traded both sides of unchanged but closed narrowly mixed and generally mid-range or higher. While the US energy futures market was tanking and US equities were volatile, CBOT futures kept to about 1 percent ranges. Traders are waiting to see confirmation of major Chinese grain/soybean purchases before pushing prices higher. Soybean export basis at the Gulf reportedly jumped a nickel, so China may have been busy. Corn futures are near the top end of the 4-month trading range – for the third time. This could be a triple top, or turn into an upside breakout. The upside target after a breakout might be 3.94-3.99 for the March contract. Great for speculators who have built a long position, reportedly in the area of 500 million bushels. In contrast, the specs are near even in soybeans.

Cattle futures closed modestly higher after dropping on Monday. The December LC contract hit a new contract high, supported by yesterday’s and this morning’s jump in Choice beef values. However, by this afternoon, Choice ended up a penny at 212.68 and Select rose .97 to 204.73. The monthly Cattle on Feed Report comes out Thursday. The average trade guess is on-feed at 101.7% of a year ago.

Lean Hog futures dropped sharply for the second straight day, even though the pork cutout was higher in the morning. FOB Plant Pork only closed up .04 to 72.00. Pressure came from record large hog slaughter and a lack of export news related to China. February LH futures are at a strong premium to the CME LH Index. The quarterly Hogs and Pigs Report comes out Thursday.

US$ -.1% 97.03

Dow +83 23676

SP steady 2546

NAS +30 6784

Tran +42 9445

  VIX +1.06  25.58

 

WTI -391 4629

Brent -349 5612

Gas -6 135

NG +31 384

HO -7 176

Eth unch 126

Gold +1 1253

Slvr -5 1470

 

2-yr -.050 2.650%

5-yr -.041 2.654%

10yr -.034 2.823%

30yr -.039 3.075%

Bluegrass Stockyard - Lexington, KY
  Weighted Average Report for 12/17/2018

Receipts:  734    Last Week:  1242    Year Ago:  595
   **Cow sale Wed. night at 6:30 p.m.

Compared to last Monday steer and heifer calves under 700 lbs sold 3.00 to 4.00 higher with moderate demand; yearlings sold steady on comparable quality. Calf quality was good through attractive. Slaughter cows sold 3.00 to 7.00 higher with moderate to good demand. Slaughter bulls sold steady with light demand.

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