Market Closes - January 9, 2019

Posted on Jan 9, 2019

Corn Mar +2 382 (380-83); Dec +1 404 (403-05)

Bean Mar +5 924 (917-26); Nov +5 962 (956-64)

  Meal +2 323

  Oil +17 2860

Wheat Mar +2 520; Jly +2 531 (529-35)

  KC unch 505; MGE +3 570

Oats +3 286

Rice +6 1080

 

LC Feb -50 12480; Jun -22 11725; Aug -40 11405

FC Jan -80 14682; Apr -62 14547; Aug -67 15002

LH Feb +117 6377; May +125 7420; Jun +87 8200

Milk Jan unch 1408; Feb -6 1435

CBOT futures closed higher with corn and soybeans near the day’s highs. March Soybean Meal moved to new high, a level not seen since October 17. Futures were supported by a weaker US Dollar, some type of agreement with China to make U.S. purchases (no specifics announced), and unfavorable weather in South America. Estimates of Brazil’s soybean crop are declining; expected to be below 2018’s record-large crop. Wheat traders are seeing signs that U.S. wheat is becoming more competitive with EU and Russia. Energy futures rose sharply which normally would be supportive for ethanol and corn; the response was muted. Reportedly, the spec funds were light buyers of the CBOT futures. These funds are supposedly about even in soybeans and have a good-sized long in corn.  

Cattle futures closed slightly lower, as traders paused following Tuesday’s sharp gains. Weaker boxed beef values and a lack of cash cattle trade weighed on the market. Choice beef slipped .14 to 213.84 and Select fell .79 to 206.47. Live Cattle charts still look positive, but February LC is around $3.00 above Monday’s low. Could see additional pressure tomorrow.

Lean Hog futures posted strong gains, supported by a stronger cash hog market and to a lesser extent, optimism for Chinese pork purchases (after 3-day meeting ended). Gains were limited by weaker pork cutouts and overhead technical resistance. FOB Plant Pork dropped .49 to 69.67.

US$ -.8%

Dow +92 23879

SP +11 2585

NAS +60 6957

Tran +135 9583

  VIX -.49 19.98

 

WTI +258 5269

Brent +259 6131

Gas +6 143

NG +2 298

HO +5 1188

Eth +1 128

Gold +6 1292

Slvr +2 1573

 

2-yr -.028 2.555%

5-yr -.022 2.549%

10yr -.003 2.712%

30yr +.014 3.006%

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