Market Closes - February 20, 2019
Posted on Feb 20, 2019Corn Mar +1 371 (368-73); Dec +2 398 (396-400)
Bean Mar +2 902 (893-905); Nov +3 948 (939-50)
Meal unch 305
Oil +22 2996
Wheat Mar -9 481; Jly -8 488 (484-500)
KC -11 450; MGE -7 549
Oats unch 270
Rice +17 1003
LC Feb +45 12832; Jun +72 11932; Aug +42 11515
FC Mar +12 14387; May Unch 14700; Aug +5 15102
LH Apr -355 5297; May -242 6302; Jly -132 7570
Milk Mar -14 1456; Apr -6 1449
CBOT futures closed mixed with narrow gains in corn and soybeans and sharp losses in wheat futures. Chicago and KC wheat moved to new contract lows as export business continues to evade the US market. Soybean futures traded to new lows for this move, but recovered late day to post small gains. Corn found support from reported comments from President Trump that China will buy more US corn than expected.
Cattle futures closed steady to slightly higher in narrow trading ranges. LC was supported by winter storms impacting feedlots and weighed down by weaker boxed beef. Choice beef dropped .78 to 216.49 and Select lost 2.04 to 211.50. Choice/Select spread = 4.99. The February LC is at a strong premium to last week’s average cash steer price of $124.74/cwt. The average dressed weight was 821 pounds compared to 830 pounds the previous week. YTD average dressed weight is 824 pounds.
Lean Hog futures dropped sharply with the nearby April LH contract surpassing Tuesday’s $3.00 loss; this week’s loss totals $6.55/cwt. This makes April LH very oversold, so a corrective rally may appear. FOB Plant Pork gained .26 to 60.17.
US$ steady
Dow +63 25954
SP +5 2785
NAS +2 7489
Tran +10 10627
VIX -.86 14.02
WTI +71 5716
Brent +63 6708
Gas +3 160
NG -3 264
HO +2 202
Eth +1 133
Gold +3 1343
Slvr +21 1618
2-yr +.002 2.502%
5-yr +.003 2.471%
10yr +.003 2.648%
30yr +.010 2.998%
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