Market Closes - February 7, 2019

Posted on Feb 7, 2019

Corn Mar -3 376 (376-80); Dec -3 400 (400-03)

Bean Mar -8 913 (910-21); Nov -7 956 (953-62)

  Meal -3 305

  Oil -9 3081

Wheat Mar -13 513; Jly -10 522 (521-32)

   KC -13 496; MGE -9 564

Oats -1 286

Rice -7 1050

 

LC Feb -10 12630; Jun -7 11715; Aug +12 11387

FC Mar +7 14325; May +37 14590; Aug +40 15007

LH Feb -65 5527; May -102 6735; Jly -85 7757

Milk Mar +20 1456; Apr +16 1479

CBOT futures closed noticeably lower, pressured by White House officials’ comments that were not as positive on a US/China trade deal as traders expected. Trump and Xi are unlikely to meet before the March 2 deadline when the trade tariffs could increase. These negative comments hit the U.S. energy and equity markets as well. Corn futures closed near the bottom of the 3-week sideways range. Tomorrow’s midday USDA reports will set the tone for market prices.

Cattle futures closed mixed in lackluster trade. LC futures were weighed by weaker boxed beef values and February LC’s premium to the cash market. Choice closed down .86 at 216.71 and Select lost .84 to 211.53. Traders continue to wait for the export sales data to get caught up. Today’s USDA report was for the week ending December 27.

Lean Hog futures closed lower, pressured by the negative US/China trade comments. Hog traders also look forward to updated export sales data to get a sense of China’s pork demand amid their hog losses from ASF. FOB Plant Pork dropped .44 to 65.17 with a 6% drop in belly value and a 6% gain in loins.

US$ +.2%  96.58

Dow -221 25170

SP -26 2706

NAS -87 7288

Tran -32 10198

  VIX +.99 16.37

 

WTI -143 5291

Brent -108 6161

Gas -4 142

NG -9 257

HO -1 190

Eth -1 129

Gold -1 1309

Slvr +3 1573

 

2-yr -.040 2.484%

5-yr -.042 2.465%

10yr -.047 2.657%

30yr -.043 2.995%

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