Market Closes - January 15, 2020

Posted on Jan 15, 2020

Corn 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

AFBF Analysis – Click Here

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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