Market Closes - February 27, 2019

Posted on Feb 27, 2019

Corn Mar -2 364 (362-68); Dec -2 394 (394-98)

Bean Mar unch 903 (901-10); Nov unch 949 (946-54)

  Meal +2 305

  Oil -29 2980

Wheat Mar +1 461; Jly -2 473 (472-82)

  KC +3 439; MGE unch 563

Oats -9 256

Rice -8 1028

 

LC Feb -17 12940; Apr unch 12992; Aug +17 11615

FC Mar +42 14387; May +37 14827; Aug +12 15212

LH Apr -12 5560; Jun +27 7582; Aug +40 7852

Milk Mar +2 1529; Apr +9 1512

CBOT futures closed narrowly mixed except for oats. Corn dropped for the third straight day, hitting 5-month lows as the speculators add to a sizable short position. CBOT futures closed at/near the day’s lows.  News from testimony in Washington DC was negative in regards to E15 fuel rules and the China trade negotiation.

Cattle futures closed mostly higher with Feeder Cattle outperforming Live Cattle. LC remain near the contract highs, while FC moved to new highs for this current move. February LC are at a strong premium to last week’s average cash price of $125/cwt. Packers are already bidding $125 in KS and TX. Choice Beef edged down .21 to 219.46 and Select fell .94 to 212.79. A Cattle Inventory Report will come out Thursday; the average trade guess is All Cattle/Calves = 100.1%, Calf Crop = 101.6%; and Beef Cows/Heifers = 100.4%.

Lean Hog futures closed mixed with little change after testing both sides. LH futures have stabilized since last week’s plunge to new contract lows and impressive recovery.  FOB Plant Pork dropped 1.39 to 59.57 with a nearly 6% loss in loin value and a 4% loss in bellies and ribs.

 

US$ +.1%  96.15

Dow -73 25985

SP -2 2792

NAS +5 7555

Tran -55 10492

  VIX -.47  14.70

 

WTI +144 5694

Brent +118 6639

Gas +5 163

NG +2 285

HO +2 202

Eth unch 134

Gold -8 1318

Slvr -16 1567

 

2-yr +.016 2.500%

5-yr +.037 2.482%

10yr +.050 2.686%

30yr +.058 3.065%

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