Market Closes - January 23, 2019

Posted on Jan 23, 2019

USDA County Offices Open starting tomorrow.

       Click HERE for USDA notice.

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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