Market Closes - February 6, 2019
Posted on Feb 6, 2019Corn 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
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KENTUCKY LIVESTOCK AUCTIONS -- Click Here
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