Market Closes - February 4, 2020

Posted on Feb 4, 2020

Corn Mar +3 382 (378-83); Jly +3 393; Dec +3 393

Bean Mar +2 879 (874-87); Jly +2 906; Nov +2 918

  Meal -1 288 (287-92)

  Oil +44 3073 (3016-3104)

Wheat Mar +2 557; Jly +1 554 (552-61)

  KC unch 467; MGE -1 532

Oats +8 308

Rice +2 1358

 

LC Feb -5 12165; Jun -25 11175; Aug -40 10975

FC Mar +85 13750; May +50 14130; Aug +67 14862

LH Feb +45 5675; Apr -40 6232; Jun -37 7790

Milk Feb +8 1700; Mar -14 1724

CBOT futures closed mostly higher, albeit by only a few pennies. Today’s price increases appeared to be from corrective buying after the recent weakness. The coronavirus has created uncertainty in the market regarding if and when China buys U.S. commodities. Many think it will delay purchases, while some expect China to import more to aid its citizens.

Live cattle closed slightly lower and feeder cattle closed higher. LC were pressured by weaker box beef values on Monday and again today. The cash steer market was a couple dollars/cwt lower last week to around $122/cwt. Traders expect steady to weaker prices this week. Choice dropped .63 to 210.93 and Select edged up .09 to 207.51.  The Choice/Select spread is 3.42 cents/lb.

Lean Hog closed lower except in the nearby February LH contract. Futures ended near the lows of the day. Pork supplies are plentiful and there’s no sign that China is expanding its U.S. purchases. One might expect China to take advantage of the recent sharp drop in LH futures. FOB Plant Pork dropped 1.71 to 68.13. Belly value fell 5 percent and ham’s lost nearly 3 percent.

US$ +.1%

Dow +408 28808

SP +49 3298

NAS +195 9468

Tran +192 10783

  VIX -1.92 16.05 

 

WTI -75 4935

Brent -13 5816

Gas -4 144

NG +6 188

HO +1 159

Eth +1 135

Gold -26 1551

Slvr -9 1758

2-yr +.060 1.413%

5-yr +.078 1.421%

10yr +.083 1.603%

30yr +.081 2.078%

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