Market Closes - February 13, 2019

Posted on Feb 13, 2019

February 14 is the Deadline for many USDA Programs.
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Corn Mar unch 379 (376-79); Dec unch 402 (400-02)

Bean Mar -1 916 (914-20); Nov -1 959 (956-62)

  Meal +1 310

  Oil -34 2999

Wheat Mar +2 522; Jly +4 526 (520-28)

  KC +2 494; MGE +2 580

Oats -5 282

Rice +1 1026

 

LC Feb -87 12595; Jun -35 11780; Aug -45 11427

FC Mar -87 14352; May -42 14725; Aug -77 15080

LH Feb -2 5515; May -20 6867; Jly +77 8042

Milk Mar -6 1479; Apr -14 1471

CBOT futures closed narrowly mixed on little new fundamentals. Traders continue watch the US/China trade negotiations for direction. Rumors are on the positive side. The US Dollar rallied .5%, which weighed on commodities. Wheat futures performed best today with small gains. Today’s rally built on the past two days when wheat closed at the upper end of each day’s trading range. July Chicago Wheat has established a triple-bottom over the past 3 months. MGEX has outperformed Chicago and KC since January 1st.

LC and FC futures closed lower and near the day’s lows; this is the second straight day of lower markets after LC set short-term highs on Monday. The February LC contract charted a double-top Monday/Tuesday and reversed lower – not a good sign. Other LC and FC contracts also traded to negative technical levels. With boxed beef weakening, it looks like cash cattle may trade below last week’s $125/cwt.  Choice fell .72 to 216.44 and Select lost .99 to 212.01. Possibly due to the cold, wet weather, average carcass weights were down 9 pounds from the previous week and 13 pounds from a year ago.

Lean Hog futures closed mixed with cash hog and pork values declining. The April LH contract bounced off the contract low on Monday with follow-through buying Tuesday. Today saw some profit-taking. FOB Plant Pork dropped 1.34 to 63.88 with loin value dropping 5% and ham value down 4%.  Supportive factors include ongoing US/China trade negotiations and reduced slaughter numbers so far this week.

 

US$ +.5% 97.17  2-month high close.

Dow +118 25543

SP +8 2753

NAS +6 7420

Tran +52 10497

  VIX +.22 15.65

 

WTI +84 5431

Brent +119 6361

Gas +4 147

NG -11 257

HO +3 194

Eth +1 134

Gold +2 1311

Slvr -4 1565

 

2-yr +.033 2.537%

5-yr +.038 2.529%

10yr +.025 2.709%

30yr +.014 3.036%

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