Market Closes - December 6, 2018

Posted on Dec 6, 2018

Corn Mar -1 383 (380-85); Dec -1 401

Bean Jan -4 909 (897-912); Mar -3 922; Nov -2 954

  Meal -2 312

  Oil -13 2871

Wheat Mar -2 515; Jly -2 525 (522-29)

  KC -2 495; MGE -6 569

Oats +3 291

Rice +1 1083

 

LC Dec -35 11795; Apr -40 12347; Jun -45 11457

FC Jan -127 14420; Apr -135 14252; Aug -130 14710

LH Dec -132 5452; Feb -85 6690; Jun -82 8362

Milk Dec -9 1379; Jan -22 1398

CBOT futures closed lower but mid to high range. On the positive side, the corn and soybean futures still have their chart UP GAPS open, albeit by as little as a quarter-cent in beans. The day’s lows came during the 830-900 am trading period as the market learned that Canada had arrested a Chinese tech executive at the request of the US government. This news also hit the equity markets early. Commodity traders had renewed concerns that the US and China trade negotiation could fall apart. By late afternoon, equity markets had recovered on ideas that the Federal Reserve will slow down its interest rate increases and monetary tightening. Some traders/investors are increasingly worried about a recession being in the cards.

Cattle futures closed lower with Live Cattle settling mid-range. Futures were pressured by the sharp losses in the equity markets, as well as weaker boxed beef values. Choice dropped .59 to 212.67 and Select gained 1.36 to 198.22. Light cash trade was reported at steady money around $118/cwt.

Lean Hog futures also closed lower with the nearby December LH contract taking the biggest hit. December LH has dropped about $7.00 since November 19.  Beyond the December contract, hogs overcame the negativity of the China trade situation and recovered strongly from the sharp losses posted in the first 30 minutes of trade. FOB Plant Pork closed up .42 at 72.12 with 7% gain in ham value and 1% gain in bellies.  China continues to have new cases of African Swine Fever.

US$ -.2% 96.77

Dow -79 24948   Today’s low = 24242

SP -4 2696

NAS +30 7188

Tran -15 10359

  VIX +.26 21.00

 

WTI -142 5170

Brent -126 6030

Gas -1 143

NG -14 433

HO -3 186

Eth -4 123

Gold +1 1238

Slvr -7 1439

 

2-yr -.053 2.758%

5-yr -.051 2.748%

10yr -.037 2.886%

30yr -.022 3.155%

Bluegrass Stockyard - Lexington, KY
Weighted Average Report for 12/03/2018

      Receipts:  1384    Last Week:  1300    Year Ago:  2119
***Blue Ribbon replacement heifer sale Thurs. night over 300 consigned.

Compared to last Monday steer calves sold steady to 2.00 lower with moderate demand. Light demand for fleshy and small-framed offerings. Heifers sold 2.00 to 3.00 lower except fleshy 600-700 lbs 5.00 lower with light demand. Quality was average through good.  Yearlings sold steady in a limited comparison. Slaughter cows sold mostly steady and slaughter bulls sold 3.00 lower with light demand.

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