Market Closes - February 11, 2019

Posted on Feb 11, 2019

February 14 is the Deadline for many USDA Programs.

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Corn Mar -1 373 (372-75); Dec -1 398 (396-99)

Bean Mar -9 905 (903-19); Nov -8 949 (947-60)

  Meal -1 305

  Oil -63 3024

Wheat Mar +1 518; Jly unch 523 (517-23)

  KC unch 494; MGE +5 574

Oats -2 282

Rice -9 1027

 

LC Feb +45 12782; Jun +27 11837; Aug +22 11480

FC Mar +57 14467; May +77 14767; Aug +72 15162

LH Feb +12 5517; May +100 6740; Jly +145 7792

Milk Mar +12 1471; Apr -6 1474

CBOT futures closed steady to mostly lower with 2-percent soybean oil losses dragging soybean futures down one percent. Generally, crop futures got past Friday’s USDA reports without major losses or chart damage. Corn futures closed lower for the fourth straight day and are now near the bottom of the 2-month long trading channel.  Soy weakness developed from slowly-developing US/China trade negotiations and the negative outlook for a budget deal to avoid another government shutdown. Wheat futures were lifted by some export business and Friday’s USDA report that U.S. winter wheat acreage of 31.3 million acres is the smallest since 1909 and 4 percent below the 2018-crop.

Cattle futures closed slightly higher and near the day’s highs. LC was supported by Friday’s cash $125/cwt trade and higher boxed beef values. Choice beef gained 1.53 to 216.88 and Select jumped 2.69 to 213.86.  The Choice/Select spread narrowed to 3.02. The February LC contract traded to within a nickel of its contract high. February LC is at a strong premium to the $125 cash market. Unless the boxed beef market breaks down, cash cattle should trade higher this week. Or the Feb LC could chart a “double top” with futures correcting lower. News reports indicate around 500,000 head of cattle may have perished in Australian floods this month.  

Lean Hog futures beyond the Feb/April contracts closed strongly higher. FOB Plant Pork gained .64 to 65.46 with a 5% gain in rib value offsetting roughly 2% losses in ham and belly values. LH futures traded to new lows for this current down move, but recovered to close higher.

 

US$ +.4%  97.05

Dow -53 25053

SP +2 2710

NAS +10 7308

Tran +127 10304

  VIX +.25 15.97

 

WTI -31 5278

Brent -59 6151

Gas -3 142

NG +6 264

HO -2 189

Eth +1 132

Gold -7 1307

Slvr -12 1569

2-yr +.024 2.487%

5-yr +.029 2.470%

10yr +.022 2.654%

30yr +.017 2.992%

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