Market Closes - February 28, 2019

Posted on Feb 28, 2019

Corn Mar -2 362; May -3 371; Dec -2 392 (391-94)

Bean Mar -6 897; May -6 910; Nov -5 944 (943-50)

  Meal -3 302

  Oil +16 2996

Wheat Mar -8 452; Jly -7 466 (465-75)

  KC +2 441; MGE +4 567

Oats -4 252

Rice +11 1039

 

LC Feb +55 12995; Apr -7 12985; Aug -25 11590

FC Mar -100 14287; May -102 14725; Aug -52 15160

LH Apr +27 5587; May +10 6570; Jly +7 7827

Milk Mar -7 1524; Apr unch 1517

 

CBOT futures closed lower and near the day’s lows. Today’s weak closes also make the monthly chart look negative. Old-crop corn hit 5-month lows, as did soybean meal futures. Chicago Wheat hit new contract lows. Futures were pressured by bearish technicals, heavy deliveries against March corn and wheat futures, and no reported progress with China on trade. YTD Soybean Export Sales total 39 mmt; this is the least since the 2012/13 marketing year. China only accounts for 31% of the total.

A WTO Dispute Settlement Panel did rule in favor of the U.S. against China in a complaint about their domestic support of wheat and rice producers.  Read More Here

Cattle futures closed mostly lower with FC leading the way down. The February LC expired today at 129.95, up .55. The cash market is reportedly bid $125 against $130 offers. Stronger packer margins should result in a better price tomorrow. Choice beef gained .49 to 219.95 and Select surged 2.48 to 215.27. The Choice-Select Spread narrowed to 4.68.


https://release.nass.usda.gov/reports/catl0219.pdf

Today’s January 1st U.S. Cattle Inventory Report shows the following:

All Cattle/Calves = 94.8 million head, up 500,000 head from a year earlier. Expansion started in 2015.

Beef Cows/Heifers that calved = 31.8 million, up one percent.

Milk Cows/Heifers that calved = 9.35 million, down one percent.

2018 CALF Crop = 36.4 million head, up 2 percent from 2017.

  USDA estimates 73.1% born in first half of the year.

 

KENTUCKY’s Inventory:

All Cattle/Calves = 2.13 million head, down 30,000 head from a year earlier.

Beef Cows/Heifers that calved = 1.017 million, down 16,000 head.

Milk Cows/Heifers that calved = 53,000 head, down 4,000 head.

2018 CALF Crop = 970,000 head, down 20,000 from 2017.

Cattle on Feed – January 1 = 16,000 head, down 1,000 head.

 

Lean Hog futures ended slightly higher. LH was supported by a strong pork export sales report and higher pork cutouts. FOB Plant Pork rose 0.92 to 60.49, with belly value up 5% and loins up 4%. Continued consolidation in LH at current levels might give traders courage to buy.

US$ +.1% 96.20

Dow -69 25916

SP -8 2784

NAS -22 7533

Tran -25 10467

  VIX +.08 14.78

 

WTI +33 5727

Brent -36 6603

Gas +1 165

NG +2 285

HO +1 203

Eth unch 133

Gold -7 1315

Slvr -12 1564

 

2-yr +.012 2.518%

5-yr +.028 2.517%

10yr +.027 2.720%

30yr +.015 3.083%

RFD-TV will air the AFBF documentary “The Voice of Agriculture 1919 – 2019” on Monday March 4, at 8:00 PM Eastern.

“The Voice of Agriculture 1919 – 2019” is a special centennial documentary that delves into the history of the American Farm Bureau Federation, explores its impact as the leading national farm organization, and sets the stage for the next 100 years of The Voice of Agriculture.

“Across Kentucky” podcast  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here