Market Closes - February 20, 2019

Posted on Feb 20, 2019

Corn 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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