Market Closes - January 9, 2018

Posted on Jan 9, 2018

CBOT futures closed narrowly mixed as corn and soybeans trade within reach of recent lows.  Corn closed a little higher on short-covering after the market charted a double-bottom yesterday. But soybeans lost about 3 cents on more signs that South America will have a big crop. Wheat futures rallied strongly today erasing some of the losses posted the past 3 trading days. USDA will release final crop production estimates Friday, along with the monthly supply/demand forecasts. Corn may have also been supported by the sharply higher crude oil market. Crude hit a 3-year high as traders expect a drop in US inventories.

Cattle futures closed slightly higher after testing the yesterday’s lows. Futures’ discount to recent cash prices encouraged the buying, as did stronger beef cutouts at midday. Choice closed up 0.29 at 210.49; Select up 0.32 at 203.69.  Midday quote for Choice was up 1.17.

Lean Hog futures closed little changed after yesterday’s strong gains. February LH futures’ nearly $7.00 premium to the CME Hog Index limited gains, while stronger cash hog prices and pork values discouraged selling.  FOB Plant Pork jumped 1.11 to 79.53 as belly value rose 5%.
 

Corn Mar +2 349 (347-50); Jly +2 365; Dec +1 382

Bean Mar -3 964 (961-68); Jly -3 984; Nov -1 983

  Meal -3 318

  Oil +16 3370

Wheat Mar +4 432; Jly +4 457 (451-58)

  KC +6 439; MGE +5 631

Oats -1 249

Rice +5 1194

 

LC Feb +45 11767; Apr +22 11952; Jun +47 11167

FC Jan -97 14547; Apr +65 14267; Aug +57 14580

LH Feb +20 7317; Apr -2 7677; Jun -10 8540

Milk Jan -2 1383; Feb -10 1318


US$ +.2%

Dow +103 25386

SP +4 2751

NAS +6 7164

Tran +21 11018

  VIX +.56 10.08

 

WTI +123 6296

Brent +147 6925

Gas +4 184

NG +9 292

HO +2 207

Eth +2 133

gold -7 1314

slvr -13 1701

 

2-yr +.012 1.972%

5-yr +.042 2.329%

10yr +.069 2.551%

30yr +.075 2.890%

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