Market Closes - December 4, 2018

Posted on Dec 4, 2018

Corn Mar +3 385; Dec19 unch 403

Bean Jan +6 912; Mar +6 924; Nov +5 956

  Meal unch 315

  Oil +33 2890

Wheat Mar +1 522; Jly -1 533

  KC -1 505; MGE -3 580

Oats -4 290

Rice unch 1097

 

LC Dec +90 11778; Apr +127 12290; Jun +115 11410

FC Jan -10 14440; Apr +55 14290; Aug +77 14737

LH Dec -115 5687; Apr -47 7075; Jun unch 8317

Milk Dec -11 1389; Jan -27 1431

CBOT futures closed steady to mostly higher with corn and soybean futures ending near the day’s highs, AND maintaining the UP GAPS charted Monday based on the favorable US/China trade news. Corn futures now sit a nickel below the previous highs set in October and November. Soybean futures closed higher and traders hope China will begin making US soybean purchases as the US Administration has indicated will happen as a result of President Trump’s talk with China’s leader at the G20 Summit. Currently, the South American soybean crop is in great shape. The spec funds are reportedly on the short side of corn/wheat and soybeans, so if a rally gets going, they have a lot of buying power.

Live Cattle futures closed strongly higher despite the sharp drop in the US equity markets tied to concerns the economy is weakening. However, buyers are encouraged by last Friday’s stronger cash cattle market, improved beef cutouts and an estimated $150/head packer margin. Choice beef ended up .78 to 213.86 and Select dropped 1.67 to 197.51.

Lean Hog futures closed lower with the nearby December LH contract leading the way. LH was pressured by a weaker cash hog market amid huge slaughter totals. However, the pork market has improved. FOB Plant Pork ended up .23 at 70.88; gains in loin and belly values offset losses in the other cuts. This follows 1.53 gain on Monday.

US$ steady 96.96

Dow -800 25027

SP -90 2700

NAS -283 7158

Tran -476 10374

   VIX +4.3 20.74 +26%

 

WTI +32 5346

Brent -45 6124

Gas +1 144

NG +12 446

HO +1 190

Eth unch 127

Gold +7 1241

Slvr +14 1452

 

2-yr -.034 2.799%

5-yr -.049 2.790%

10yr -.076 2.915%

30yr -.108 3.170%

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