Market Closes - January 28, 2020

Posted on Jan 28, 2020

Corn Mar +6 386 (378-87); Jly +5 397; Dec +2 397

Bean Mar -2 895 (888-98); Jly -2 922; Nov -3 930

  Meal unch 298

  Oil -6 3146

Wheat Mar -2 570; Jly -3 567 (563-73)

  KC -4 482; MGE -5 542

Oats +6 307

Rice +11 1358

 

LC Feb -10 12215; Jun -55 11247; Aug -45 11030

FC Jan +15 14205; Apr -22 13777; Aug -50 14702

LH Feb +27 6622; Apr +85 7130; Jun +47 8397

Milk Feb +6 1739; Mar +10 1778

CBOT futures closed mixed with corn rallying after an overnight move lower; corn managed to close the down-gap made yesterday. Markets have not seen any negative follow-through after Monday’s volatile trade related to the coronavirus spread. Corn was supported by the recent pickup in export sales. Soybean futures have closed lower for 6 straight trading days. Soybean harvest has started in Brazil of a forecast record large crop. Wheat traded higher Monday evening but couldn’t maintain the gains.

Cattle futures closed mostly lower, with LC ending near the day’s lows. Cattle have lost several dollars/cwt since middle of last week. Possibly related to the coronavirus, LC has seen considerable liquidation of the large long position held by the funds. Choice beef dropped .74 to 212.85 and Select gained 1.66 to 212.16.

Lean Hog futures closed higher on a corrective bounce from Monday’s sharp losses. Along with other markets and US equities, LH futures paused the panic button related to the coronavirus. Futures will remain dependent on the headlines. FOB Plant Pork slid 1.38 to 75.88 as values of ham, bellies and butts dropped 3-5 percent.
 

US$ Steady

Dow +187 28723

SP +33 3276

NAS +130 9270

Tran +64 10861

  VIX -1.94 16.28 

 

WTI +41 5355

Brent +28 5960

Gas +2 150

NG +3 193

HO +4 172

Eth +1 131

Gold -11 1567

Slvr -60 1745

2-yr +.026 1.461%

5-yr +.032 1.469%

10yr +.044 1.649%

30yr +.046 2.101%

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