Market Closes - February 14, 2019
Posted on Feb 14, 2019Corn Mar -4 375 (374-79); Dec -3 399 (399-402)
Bean Mar -13 903 (903-18); Nov -11 948 (947-60)
Meal -5 305
Oil -10 2989
Wheat Mar -15 507; Jly -13 513 (512-26)
KC -12 481; MGE -5 575
Oats unch 282
Rice -7 1018
LC Feb +17 12612; Jun +47 11827; Aug +37 11465
FC Mar +55 144007; May +42 14767; Aug +42 15122
LH Feb -5 5510; May -97 6770; Jly -42 8000
Milk Mar -23 1455; Apr -20 1451
CBOT futures closed sharply lower and near the day’s lows. Futures were pressured by news reports indicating the US/China negotiators are far apart on key issues and that President Trump may extend the negotiations through May. The spec funds were heavy sellers. Weakness in soybean meal pulled soybean prices lower.
Technically, soybean futures are only pennies away from breaking below the uptrend line forming the wedge pattern (off the September low). KC wheat contracts traded to new contract lows. Chicago July Wheat closed below major chart support at 5.17 (was a triple bottom) and now sits only 18 cents above the contract low of 4.95.
Cattle futures rebounded from early morning losses to close slightly higher near the day’s highs. Trading ranges were wide in FC, but the gains were comparable to LC. Cattle were supported by renewed optimism for at least steady cash prices on Friday. However, weaker beef prices limited gains. Choice beef slipped .37 to 216.07 and Select dropped 1.60 to 210.41.
Lean Hog futures closed lower, weighed by weaker pork values and the negative news on US/China trade negotiations. FOB Plant Pork dropped 1.12 to 62.76 with a 6% loss in the belly value. The CME Lean Hog Index is 55.55 today. Tomorrow, the April LH becomes the nearby contract.
US$ -.2% 97.03
Dow -104 25439
SP -7 2746
NAS +7 7427
Tran +41 10538
VIX +.57 16.22
WTI +55 5486
Brent +101 6462
Gas +5 151
NG -1 257
HO +4 197
Eth -1 133
Gold +1 1312
Slvr -6 1559
2-yr -.043 2.496%
5-yr -.054 2.473%
10yr -.052 2.654%
30yr -.035 2.998%
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