Market Closes - December 19, 2019

Posted on Dec 19, 2019

U.S.-Mexico-Canada Agreement passed U.S. House 385 to 41.  Moves to U.S. Senate.

Corn Mar unch 386 (385-89); Jly -1 399; Dec unch 400

Bean Jan -4 924 (921-29); Jly -3 962; Nov -2 966

  Meal -4 298

  Oil +36 3379

Wheat Mar -3 545; Jly -3 551 (549-57)

  KC -2 460; MGE +3 541

Oats -2 297

Rice +1 1279

 

LC Dec -12 12212; Apr -50 12675; Jun -25 11835

FC Jan +17 14472; Apr +7 14700; Aug +30 15260

LH Feb +107 7097; Apr +27 7750; Jun +22 8927

Milk Jan +7 1741; Feb -7 1737

CBOT futures closed narrowly mixed with support from good weekly export sales reports this morning. Corn sales were the best of the 19/20 marketing year. Soybeans were pressured by weakness in the soybean meal market and improving moisture in Argentina. Higher soybean oil futures offset some of the meal weakness. KC and Chicago wheat futures traded higher but closed lower and near the day’s lows. However, these two markets remain around 40 cents above the November lows.

Cattle futures ended little changed on the day. Expectations for a steady fed cattle market offset this week’s decline in boxed beef values and this morning’s poor beef export sales report. Choice beef fell .58 to 208.99 and Select also dipped .58 to 200.99.  The CH/Sel spread remains at 8.00.

Lean Hog futures closed slightly higher except for the nearby February LH contract gaining $1.07/cwt. LH futures rose throughout the day and finished near the highs. Although today’s weekly export sales report was down, traders remain optimistic Chinese purchases will pick up following the recent US/China trade announcement (note that the deal has not been signed yet).  FOB Plant Pork slipped .58 to 76.71. Ham value lost 5 pct and Belly value rose about 4 pct.

US equities hit new record highs today and crude oil and gasoline futures reached new highs for the current rally.

US$ unchanged

Dow +138 28377

SP +14 3205

NAS +59 8887

Tran +25 10805

  VIX -.12 12.48

 

WTI +20 6105

Brent +38 6655

Gas +2 170

NG unch 229

HO +1 203

Eth +2 138

Gold +4 1483

Slvr +7 1711

2-yr -.006 1.627%

5-yr -.008 1.730%

10yr -.007 1.917%

30yr -.002 2.349%

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