Market Closes - January 27, 2020

Posted on Jan 27, 2020

Corn Mar -7 380(377-85); Jly -5 392; Dec -3 395

Bean Mar -5 897 (888-900); Jly -5 924; Nov -5 933

  Meal unch 298

  Oil -50 3152 (3072-3197)

Wheat Mar -1 572; Jly -2 571 (561-71)

  KC unch 486; MGE unch 547

Oats -3 300

Rice -11 1347

 

LC Feb -260 12225; Jun -300 limit 13302; Aug -287 11075

FC Jan +5 14190; Apr -450 limit 13800; Aug -377 14752

LH Feb -127 6595; Apr -300 limit 7045; Jun -290 8350

Milk Feb -72 1728; Mar -59 1766

 

CBOT futures closed mostly lower but in most cases, well off the day’s lows. Wheat futures made a stellar recovery to finish at the top of the range and near unchanged. Along with financial markets, agricultural futures were pressured by the escalating concerns about the coronavirus that originated in China and has spread to the U.S. and many other countries. This market uncertainty is likely to continue for several days, if not weeks. The spec funds are short corn, soybeans and meal, but long wheat and soybean oil.

In response to the coronavirus threat, livestock futures traders reacted more aggressively, leading to sharp losses in both cattle and lean hog futures. Given at least one contract in each commodity today, the daily limits will be expanded on Tuesday. LC and LH go to $4.50, and FC will be $6.75.

Choice beef dropped .90 to 213.59 and Select dipped .20 to 210.50. FOB Plant Pork slipped .12 to 77.26.

US$ steady 97.93

Dow -454 28536

SP -52 3244

NAS -176 9139

Tran -263 10797

  VIX +3.67 18.23  +25%

 

WTI -136 5283

Brent -171 5898

Gas -4 148

NG unch 190

HO -6 167

Eth -1 130

Gold +5 1577

Slvr -6 1806

 

2-yr -.041 1.445%

5-yr -.061 1.440%

10yr -.072 1.608%

30yr -.072 2.056%

KY Crop Progress and Condition – USDA NASS
Agricultural News (January):
January saw well above normal temperatures and above normal precipitation. The mild, wet winter has particularly effected livestock with some reports of pneumonia and calf losses to internal parasites. Despite setbacks, livestock are still in mostly good condition rated at 1% very poor, 6% poor 24% fair, 60% good, 9% excellent.

Hay supplies continue to be short from early feeding last fall. The current hay supply is rated 8% very short, 35% short, 52% adequate, 5% surplus.

Winter wheat is starting to green up early and remains in mostly good condition and is rated 2% very poor, 2% poor, 25% fair, 62% good, 9% excellent.

Tobacco continues to be stripped with some farmers experiencing delays due to labor shortages. Tobacco stripping is 89% complete.

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