Market Closes - February 14, 2019

Posted on Feb 14, 2019

Corn 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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