Market Closes - January 28, 2019

Posted on Jan 28, 2019

USDA announced new deadlines for Farm Programs.
   Click HERE to read USDA web page.
  

 

Corn Mar unch 380 (378-81); Dec unch 403 (401-03)

Bean Mar -2 923 (916-25); Nov -2 962 (956-64)

  Meal -2 312

  Oil +27 3030

Wheat Mar -1 519; Jly -2 531 (529-37)

  KC -3 507; MGE -1 574

Oats -5 285

Rice +5 1072

 

LC Feb +35 12640; Jun +30 11700; Aug +22 11372

FC Jan +10 14347; Apr +87 14560; Aug +70 15007

LH Feb -40 5797; May -47 6842; Jly -55 7867

Milk Feb +3 1401; Mar +4 1430

 

CBOT futures closed narrowly mixed. After trading higher overnight, futures were sold aggressively after opening at 830 am CT. Soybean futures spent the rest of the day rallying back from the lows set in the first 5 minutes. Futures were hit hard early when the equity and energy markets had dropped sharply. Market factors today included some improvement in South American rain prospects and the upcoming Wed-Thursday US/China trade meeting. Soybean futures were lifted by the rally in soybean oil futures. Soybean oil has carried the bean market since January 1, as soybean meal sits about where it started the year. March Soybean Oil is approaching key chart resistance at 3050; above 3050, the target is 3100, 3200 and 3300.  

While old-crop soybeans have now closed above the overhead resistance line forming the wedge formation, the new-crop November contract remains inside its wedge.

Traders are anxious to get the USDA update on Thursday for the export sales made during the temporary government shutdown. The missing January crop report and WASDE will be made on February 8.

Cattle futures closed slightly higher, despite last Friday’s lower boxed beef values and $1-2/cwt lower cash cattle prices. LC were supported by higher boxed beef today and strong packer margins, along with unfavorable feedlot conditions and extremely cold temperatures midweek. Choice beef rose .39 to 217.40 and Select dropped .42 to 211.61.

Lean Hog futures closed lower despite stronger pork markets and unfavorable weather. FOB Plant Pork closed up .83 at 68.50 with a 4% gain in ham value. The industry is eager to see USDA’s export sales report on Thursday to see if China has been buying pork during the shutdown.

US$ -.1%

Dow -209 24528

SP -21 2644

NAS -79 7086

Tran unch 9922

  VIX +1.45 18.87

 

WTI -170 5199

Brent -171 5993

Gas -6 133

NG -27 291

HO -5 184

Eth unch 127

Gold +5 1303

Slvr +7 1576

 

2-yr -.008 2.592%

5-yr -.007 2.582%

10yr -.007 2.744%

30yr +.005 3.066%

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