Market Closes - February 19, 2019

Posted on Feb 19, 2019

Corn Mar -5 370 (369-76); Dec -2 397 (395-401)

Bean Mar -7 901 (895-911); Nov -6 946 (939-55)

  Meal -1 305

  Oil -21 2974

Wheat Mar -14 490; Jly -13 496 (495-511)

  KC -16 461; MGE -17 555

Oats -6 270

Rice -13 986

 

LC Feb +125 12787; Jun +52 11860; Aug +35 11472

FC Mar +115 14375; May +42 14700; Aug +52 15097

LH Apr -300 limit 5652; Jun -300 7372; Aug -300 7745

Milk Mar +16 1469; Apr +12 1455

Coming out of the 3-day weekend, traders were in no mood to buy futures. Futures headed lower as soon as the 830 am bell rung; the selling continued into the close except for soybeans and meal. Soybean futures closed 6-7 cents above the lows. Wheat futures led the market down, pressured by the U.S. not getting any of the recent export sales. 3-day losses in wheat total 30+ cents. Chicago March Wheat hasn’t been this low in 13 months and the contract low is only pennies away. Talk that President Trump may extend the March 1 deadline for a US/China trade deal is not the best of news. Also, Brazil is expected to get good rains the next several days.

Cattle futures closed higher, supported by higher midday beef values and reduced slaughter last week. Winter weather continues to hinder weight gains in the feedlot. Choice beef slipped .12 to 217.27 and Select fell .54 to 213.54.

Lean Hog futures closed lower with $3.00/cwt limit-down losses in the first 5 contracts (limit is $4.50 tomorrow). The April LH opened lower and was locked limit-down by 930 am CT. LH was pressured by large pork production last week and further weakness in the pork cutout. FOB Plant Pork dropped 1.67 to 59.91 with bellies down 7% and loins down 4%.  This is the lowest pork cutout since 2009.  African Swine Fever in hogs continues to spread outside China.

US$ -.3%  96.51

Dow +8 25891

SP +4 2780

NAS +14 7487

Tran +50 10618

  VIX +.04 14.95

 

WTI +44 5642

Brent -6 6644

Gas -1 157

NG +3 266

HO -2 200

Eth -1 131

Gold +21 1339

Slvr +23 1597

 

2-yr -.031 2.489%

5-yr -.034 2.461%

10yr -.028 2.638%

30yr -.018 2.979%

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