Market Closes - January 30, 2020

Posted on Jan 30, 2020

Corn Mar -5 379 (378-85); Jly -5 389; Dec -5 390

Bean Mar -17 876 (875-94); Jly -16 904; Nov -13 916

  Meal -5 291

  Oil -89 3063

Wheat Mar -2 560; Jly -3 557 (549-61)

  KC -1 471; MGE +1 536

Oats -2 305

Rice -10 1356

 

LC Feb +2 12177; Jun +2 11202; Aug +17 10995

FC Jan +35 14245; Apr +5 13712; Aug +15 14632

LH Feb -300 limit 6130; Apr -300 6582; Jun -300 7877

Milk Feb -31 1733; Mar -22 1776

CBOT futures closed mostly lower, led by big losses in the soy complex and less so in corn. The soy complex was pressured by selling related to poor export sales and soybean futures breaking below chart support at the December lows. Advancing soybean harvest in South America offers tough competition in export markets. Soybean futures are now at prices not seen since May 2019. Corn losses were limited by a strong weekly export sales report.

Cattle futures closed little changed although prices were tested on both sides of unchanged. The weak equity markets and the limit-down move in hogs pushed cattle futures to their lows in the first 90 minutes of trading. Choice beef slipped .17 to 213.35 and Select fell .45 to 211.48. February LC has lost over $4.00/cwt this week as the funds liquidated some of their large long position amid worries over the coronavirus.  

Lean Hog futures gapped down and closed limit-down $3.00 today on continued concerns about the coronavirus and large pork production (more hogs, heavier average weight). Wednesday’s 4.49 drop in the pork cutout also weighed on LH futures. Today, FOB Plant Pork fell .49 to 70.90. Ham and picnics each lost over 4 percent in value; loin value rose 3 percent. LH futures are near/at contract lows. Technically, LH futures are reaching oversold levels.

US$ -.2%

Dow +125  28859

SP +10 3284

NAS +24 9299

Tran -72 10833

  VIX -1.08 15.31 

 

WTI -37 5296

Brent -61 5920

Gas -1 152

NG -6 188

HO -4 167

Eth unch 134

Gold +3 1573

Slvr +34 1782 

 

2-yr -.004 1.415%

5-yr -.009 1.407%

10yr -.007 1.587%

30yr -.001 2.050%

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