Market Closes - January 15, 2019

Posted on Jan 15, 2019

Corn Mar -7 371 (371-81); Dec -6 396 (396-404)

Bean Mar -10 893 (892-908); Nov -9 937 (936-50)

  Meal -2 309

  Oil -16 2824

Wheat Mar -3 511; Jly -4 520 (519-28)

  KC -3 495; MGE -3 562

Oats -7 292

Rice -20 1038

 

LC Feb +152 12695; Jun -12 11705; Aug -35 11362

FC Jan -10 14475; Apr +35 14550; Aug +42 14967

LH Feb +30 6215; May -20 7197; Jun -27 7865

Milk Jan -1 1406; Feb +3 1433

CBOT futures traded higher Monday evening and overnight, but the good times ended as traders woke up this morning. Selling began after 7 am CT and accelerated when the CBOT reopened at 830 am CT. Selling in corn and soybeans continued right into the final minutes, putting the settlement prices at/near the day’s lows. Futures were pressured by bearish technical signals (corn broke uptrend support and moving averages; soybeans fell below some moving averages, but kept above its uptrend support). Also weighing on the market was news that a US trade negotiator said last week’s Chinese trade talks were unproductive. A stronger US Dollar added to the grain market’s negativity.

Cattle futures closed narrowly mixed, except for the strong gains in Feb and Apr Live Cattle, both of which moved to new contract highs. February LC are now $10.00 above the last cycle low in November. Today’s LC rally puts Feb LC at a premium to the last cash trade, and technically is overbought. Further gains need more support from beef values and cash cattle prices. A winter storm and extreme cold weather arriving late week could support futures. Choice beef gained .19 to 212.21 and Select rose .41 to 205.87.

Lean Hogs also closed narrowly mixed with nearby February LH ending up 30 cents. LH rallied strongly in the opening hour but then sold off into Noon, before bouncing to put the closes near mid-range. Early support came from a stronger pork market (quoted up 1.19 Fob Plant) and an impending winter storm. Unfortunately, the pork cutout reversed course. FOB Plant Pork dropped .86 to 70.33 with belly value down nearly 9% and hams up 5%. Traders await confirmation of significant pork sales to China. However, China says only around 900,000 hogs have been culled due to the African Swine Fever; this is a very small percent of its herd.

US$ +.4% 95.94

Dow +156 24066

SP +28 2610

NAS +118 7024

Tran -73 9558

  VIX -.47 18.60

 

WTI +152 5232

Brent +158 6057

Gas +5 141

NG -14 345

HO +2 187

Eth -1 127

Gold -2 1289

Slvr -7 1561

 

2-yr +.002 2.537%

5-yr +.005 2.534%

10yr +.008 2.718%

30yr +.019 3.079%

You may be interested in watching this 2019 Grain Market Outlook by Bryce Knorr with Farm Futures Magazine.    Click Here

 

“Across Kentucky” podcast  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here