Market Closes - January 15, 2020
Posted on Jan 15, 2020Corn Mar -1 387; Jly -2 400; Dec -2 402
Bean Mar -13 929; Jly -13 954; Nov -11 959
Meal -2 300
Oil -77 3330
Wheat Mar +5 573; Jly +3 575
KC unch 496; MGE unch 556
Oats -7 306
Rice unch 1336
LC Feb -25 12660; Jun -30 11942; Aug -15 11712
FC Jan -47 14542; Apr -45 14820; Aug -7 15532
LH Feb +20 6787; Apr -2 7497; Jun +67 8750
Milk Feb +26 1711; Mar +20 1746
Except for Chicago Wheat, CBOT futures closed lower on a weak finish following the signing of the US/China Trade Agreement. Traders may have been disappointed that the signing ceremony didn’t include big Chinese purchase announcements. The spec funds were heavy sellers in the soy complex as they downsize their large long position in soybean oil futures. The funds are short corn and soybean futures. Soybean futures broke below chart support that’s been in place since mid-December. Chicago Wheat keeps trending higher on 2020 production concerns and possibly as a spread trade against corn/soy. Weekly US Export Sales will be published in the morning.
Cattle futures closed lower but trading ranges were wider today, especially in FC. Cash trade is not established and boxed beef values only weakened slightly. Choice beef fell .23 to 212.53 and Select slid .63 to 209.67.
Lean Hog futures closed slightly higher with trade inside yesterday’s wide ranges. LH was supported by strong packer margins and hope that China will increase its US pork purchases now that the Phase 1 deal is signed. FOB Plant Pork rose .36 to 74.65 with loin value down 2 pct and belly value up 2 pct.
US/China Trade Agreement
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USTR’s Fact Sheet – Click Here
US$ -.2% 97.22
Dow +91 29030
SP +6 3289
NAS +7 9259
Tran +31 11195
VIX +.03 12.42
WTI -42 5784
Brent -49 6400
Gas -2 164
NG -7 212
HO -3 188
Eth -2 133
Gold +9 1554
Slvr +25 1799
2-yr -.018 1.560%
5-yr -.026 1.600%
10yr -.033 1.785%
30yr -.040 2.236%
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