Corn Mar +4 380 (375-80); Dec +2 401 (397-401)

Bean Mar +3 910 (904-13); Nov +3 947 (941-49)

  Meal Mar +1 316

  Oil +20 2838

Wheat Mar +7 514; Jly +7 527 (520-28)

  KC +11 503; MGE +11 565

Oats unch 278

Rice +9 1044

 

LC Feb -32 12320; Jun -50 11665; Aug -35 11412

FC Jan -160 14635; Apr -155 14505; Aug -132 14990

LH Feb +70 6240; Apr +7 6762; Jun +67 8245

Milk Jan +2 1432; Feb +2 1477

 

CBOT futures closed a little higher with the MGE spring wheat contract leading the way. Most contracts opened Wednesday evening about even, but futures rallied at various times in today’s trading. The soy complex was supported by optimism about US/China trade negotiations and warm, dry weather in South America which may trim their crop size slightly. Corn futures continued positive price action for the fifth straight day. Wheat futures closed higher as buyers were encouraged by yesterday’s bullish reversal off key lows in Chicago wheat. July Chicago Wheat charted a double-bottom, with room to run as high as $5.50. The spec funds were buyers across the board. As the stock market dropped sharply, some investors may have moved money to commodity funds. The sharp drop in US Treasury yields indicates much of the money moved to that “safe haven”. Gold and silver were both higher by almost one percent. Gold futures have risen over 4 percent in the past month, and silver is up nearly 9 percent (most of the gain since Christmas).

Cattle futures closed lower, making for a 3-day decline which started with the bearish price reversal on Monday. Futures were pressured by weaker boxed beef values and some live cash trade near $123/cwt. Choice beef down .15 to 216.49 and Select down 1.53 to 209.38. Feeder Cattle futures lost about one percent of value and settled below the 20-day moving averages.

Lean Hog futures closed higher on firmer cash hog prices and optimism on US/China trade negotiations. FOB Plant Pork dropped .14 to 69.90.

The federal government partial shutdown is keeping several key reports from being released. This includes NASS reports and export sales reports. Next Friday’s crop production, stocks and supply-demand updates are at risk.

 

US$ -.4%  96.28

Dow -660 22686

SP -62 2448

NAS -202 6464

Tran -321 8881

  VIX +2.07 25.29

 

WTI +54 4740

Brent +66 5557

Gas +2 135

NG -1 294

HO +4 174

Eth unch 128

Gold +11 1295

Slvr +15 1580

 

2-yr -.121 2.385%

5-yr -.138 2.365%

10yr -.101 2.560%

30yr -.071 2.911%

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