Market Closes - January 10, 2019

Posted on Jan 10, 2019

Corn Mar -6 376 (376-83); Dec -5 399 (399-404)

Bean Mar -17 907 (906-24); Nov -14 948 (947-62)

  Meal -7 317

  Oil -41 2819

Wheat Mar -6 514; Jly -6 524 (523-31)

  KC -7 499; MGE -6 564

Oats +3 289

Rice +4 1085

 

LC Feb +7 12487; Jun +12 11737; Aug +15 11420

FC Jan -7 14675; Apr +20 14567; Aug -2 15000

LH Feb +30 6407; May -30 7390; Jun -60 8140

Milk Jan +3 1408; Feb +14 1446

 

Corn, beans and wheat closed 1-2 pct lower and near the day’s lows. Futures were pressured by a lack of details/confirmation on China’s plan to purchase U.S. commodities. Without USDA export sales reports during the government shutdown, traders have little to go on. Softening export basis levels suggest that export business has slowed. Also weighing was a stronger U.S. Dollar which recovered over 50 pct of yesterday’s sharp drop. Also official crop estimates from Brazil were above expectations, but growing conditions have deteriorated since they were done. Today’s drop in corn futures put prices back to within 4 cents of the lows set the day after Christmas. Soybean futures traded near steady overnight, but the sellers hit the market at 730 am and didn’t let up until 930 am after erasing about 17 cents of value. The funds were strong sellers across the board.

Cattle futures closed mixed in narrow price ranges. There was a lack of cash trade with the packer bids and feedlot offers far apart. The bid at $119 is $4 below last week’s trade. Choice beef closed up .12 at 213.96 and Select rose 1.30 to 207.77.

Lean Hog futures also closed mixed with the nearby contracts higher. LH was supported by a $2.00 pop in the pork cutout in the morning. However, FOB Plant Pork ended up .79 at 70.46 with a 3% gain in loin value. Gains were capped by a lack of confirmation on actual Chinese commitments to buy more U.S. pork. February LH futures are now almost $4.00 above the late December lows and over $5.00 below the $69.50 contract high set November 20.

 

US$ +.4% 95.54

Dow +123 24002

SP +12 2597

NAS +29 6986

Tran +41 9625

  VIX -.48 19.50

 

WTI +22 5291

Brent -24 6120

Gas unch 297

NG -1 297

HO +3 191

Eth -1 127

Gold -5 1287

Slvr -9 1564

 

2-yr +.012 2.575%

5-yr +.010 2.569%

10yr +.018 2.746%

30yr +.040 3.064%

“Across Kentucky” podcast  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here