Market Closes - January 7, 2019

Posted on Jan 7, 2019

Corn Mar -1 382 (382-84); Dec unch 404 (403-04)

Bean Mar +3 924 (921-28); Nov +4 961 (956-63)

  Meal +3 322

  Oil -13 2851

Wheat Mar unch 517; Jly -2 527 (525-30)

  KC -3 503; MGE -2 568

Oats unch 279

Rice +18 1066

 

LC Feb +127 12320; Apr +107 12507; Aug +70 11405

FC Jan +110 14600; Apr +105 14470; Aug +100 14950

LH Feb -5 6190; Apr -37 6637; Jun -45 8107

Milk Jan -9 1416; Feb -16 1458

 

The grain and soy futures closed narrowly mixed on a lack of fundamental news. This includes no US/China trade solution (negotiations are proceeding) and missing export sales reports due to the partial government shutdown. This Friday’s scheduled USDA reports for crop production, stocks and supply-demand updates are delayed until after the government shutdown ends. Offering light support was the weaker US Dollar; it’s back to the low end of its 2-month range.

UK Winter Wheat Meeting – January 8 @ 830 am CT     
      Bruce Convention Center, Hopkinsville


Cattle futures closed moderately higher after opening this morning slightly lower. Today’s bullish technical action reversed the bearish price action of last week. Boxed beef values were little changed – Choice dropped .23 to 214.28 and Select gained .55 to 208.21. Last week’s live steer price averaged $122.84/cwt and the average dressed weight of 829 pounds was even with the previous week, but down 5.4 pct from a year earlier.

Lean Hog futures closed slightly lower through the August LH contract. Losses were limited by a strong pork market and the rally in cattle futures. Traders are keenly watching for progress in the US/China trade negotiation. FOB Plant Pork ended up .86 at 70.56 with loins up 2 pct and bellies up nearly 4 pct. However, this gain is well below the morning quote of 71.65/cwt (belly value was up 9 pct)  

 

US$ -.5%  95.68

Dow +98 23531

SP +18 2550

NAS +85 6823

Tran +71 9296

  VIX +.02 21.40

 

WTI +54 4882

Brent +44 5750

Gas -1 134

NG -10 294

HO +1 178

Eth -1 128

Gold +4 1290

Slvr -3 1576

2-yr +.055 2.541%

5-yr +.054 2.538%

10yr +.039 2.698%

30yr +.019 2.993%

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