Market Closes - January 14, 2020
Posted on Jan 14, 2020Corn Mar unch 389 (388-90); Jly unch 402; Dec unch 404
Bean Mar unch 942 (938-48); Jly unch 967; Nov unch 969
Meal -2 302 (301-307)
Oil +12 3407
Wheat Mar +6 568; Jly +5 572 (564-76)
KC +4 497; MGE +1 556
Oats +2 313
Rice +13 1335
LC Feb +30 12685; Jun +22 11972; Aug +17 11727
FC Jan -12 14590; Apr -15 14865; Aug -12 15540
LH Feb +177 6767; Apr +162 7500; Jun +135 8682
Milk Jan -2 1699; Feb -4 1686
Ahead of tomorrow’s midday signing of the US/China Phase 1 trade agreement, corn and soybean futures closed steady in narrow range trading and wheat continued to trend higher. Favorable weather in South America and high prices for Brazil’s corn weighed on U.S. futures. Wheat was supported by the uptrend on the charts and indications Russia may limit exports near term.
Cattle futures closed little changed but remain not far from the contract highs. Offering some support was a stronger boxed beef market. Choice rose 2.21 to 212.76 and Select gained 2.07 to 210.30.
Lean hog futures posted strong gains even as cash hog and pork values did not. LH was supported by tomorrow’s US/China trade deal signing as traders remain optimistic pork will be a top item on China’s shopping list. February LH bounced off key chart support, possibly forming a double bottom on the chart. FOB Plant Pork changed very little, gaining .05 to 74.29. Hog slaughter and the average carcass weight are above recent years’ levels.
US$ steady 97.39
Dow +33 28940
SP -5 3283
NAS -23 9251
Tran +102 11165
VIX +.07 12.39
WTI +8 5816
Brent +24 6444
Gas unch 166
NG unch 218
HO +1 190
Eth -1 136
Gold -4 1547
Slvr -19 1781
2-yr -.016 1.570%
5-yr -.033 1.618%
10yr -.035 1.813%
30yr -.035 2.272%
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