Market Closes - January 23, 2019
Posted on Jan 23, 2019USDA County Offices Open starting tomorrow.
Sign up for Market Facilitation Program extended to February 14.
Corn Mar unch 379 (378-82); Dec +1 402 (401-03)
Bean Mar +6 915 (910-18); Nov +6 956 (951-57)
Meal unch 313
Oil +32 2938
Wheat Mar +5 526; Jly +5 537 (533-38)
KC +5 515; MGE +3 575
Oats -2 295
Rice +11 1076
LC Feb +42 12555; Jun +42 11685; Aug +75 11367
FC Jan +197 14302; Apr +172 14467; Aug +140 14927
LH Feb -70 6077; Apr -125 6485; Jun -40 7927
Milk Feb -14 1399; Mar -24 1425
CBOT futures closed steady to higher with wheat posting the strongest percentage gain. Wheat and soybean futures opened higher last evening and extended the gains during the day session. With USDA HQ closed, there’s a lack of data on supply/demand and on position sizes in futures (long/short). For the time being, traders follow rumors/news on US/China trade negotiations, South American weather forecasts, and prospects for less wheat competition from Russia. The next major US/China negotiation occurs January 30-31. Technically, soybean and wheat futures look price-friendly. Soybean futures are approaching the top of well-defined wedge formations. Soybeans will soon have to “break out” one way or the other. See chart HERE.
Cattle futures closed higher with Feeder Cattle up sharply. Today’s LC rally recovered a portion of Tuesday’s huge losses. FC wiped out two days of losses. Cattle were supported by stronger box beef values yesterday and today. Choice beef closed up .87 at 217.21 and Select gained .32 to 212.04. Cold winter weather should continue to offer support.
Lean Hog futures closed lower on weaker cash hog and pork values. FOB Plant Pork dropped .93 to 68.70 with every primal losing value. April LH suffered the biggest loss at 1.25, and traded to a new low not seen since August. April LH is approaching support at a chart gap made in August between 63.27 and 63.65.
US$ -.2%
Dow +171 24576
SP +6 2639
NAS +5 7026
Tran -87 9735
VIX -1.28 19.52
WTI -39 5262
Brent -36 6114
Gas -2 139
NG -6 298
HO -1 189
Eth unch 127
Gold +1 1284
Slvr +5 1538
2-yr 2.589%
5-yr 2.584%
10yr 2.750%
30yr 3.068%
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