Market Closes - February 6, 2019

Posted on Feb 6, 2019

Corn Mar -1 380 (379-81); Dec unch 403 (402-04)

Bean Mar +1 922 (917-22); Nov +2 963 (958-63)

  Meal unch 309

  Oil +52 3090

Wheat Mar -1 526; Jly +1 532 (529-35)

  KC -2 509; MGE -2 573

Oats -4 287

Rice -16 1057

 

LC Feb -30 12640; Jun -17 11722; Aug -12 11375

FC Mar -65 14317; May -52 14552; Aug -45 14967

LH Feb -50 5592; May -35 6837; Jly -25 7842

Milk Mar +12 1432; Apr +12 1460

CBOT futures again closed narrowly mixed as traders wait for USDA’s reports on Friday which will dump data on grain stocks, crop size and demand estimates (for U.S. and the World). Soyoil continues to rally and offset the weakness in soybean meal futures. March soybean oil moved to a new high not seen since last June.

Cattle futures closed slightly lower after testing the positive side of unchanged. Over the last 4 trading days, LC and FC futures have mostly traded inside of the very wide price range traded on January 31st when futures charted bearish price reversals. Market support came from higher Choice beef and some cattle traded at $124/cwt. Choice beef closed up .55 at 217.57 and Select dropped .73 to 212.37.  Choice-Select Spread widened to 5.20.

Lean Hog futures closed lower and near the day’s lows on weakness in the pork market amid heavy slaughter. FOB Plant Pork lost .61 to 65.61 with some big moves in the primal values. Loins dropped over 6%. Picnics lost almost 4%. Belly value jumped over 4%, recovering from Tuesday’s 2% loss. Hams were steady, following yesterday’s 8% drop.

US$ +.35%

Dow -21 25390

SP -6 2732

NAS -27 7375

Tran -21 10230

  VIX -.19  15.38

 

WTI +25 5425

Brent +61 6259

Gas +3 145

NG +1 268

HO +1 191

Eth -1 131

Gold -9 1305

Slvr -16 1567  

 

2-yr +.006 2.528%

5-yr -.003 2.510%

10yr -.002 2.702%

30yr +.002 3.038%
 

AFBF Market Intel – February 6
Conservation Reserve Program in the 2018 Farm Bill
     Farmers Will Continue to Be Good Stewards of Land and Water
To read, Click HERE.

 

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