Market Closes - January 9, 2020

Posted on Jan 9, 2020

Corn Mar -1 383 (382-87); Jly -1 397; Dec -1 400

Bean Mar -4 943 (939-54); Jly -4 968; Nov -4 971

  Meal -1 301

  Oil +8 3464

Wheat Mar +9 562; Jly +9 567 (559-69)

  KC +10 490; MGE +4 552

Oats +3 302

Rice +20 1327

 

LC Feb +37 12672; Jun +27 11947; Aug +35 11712

FC Jan +10 14692; Apr +15 14917; Aug -2 15530

LH Feb -200 6702; Apr -127 7447; Jun -122 8622

Milk Jan -5 1695; Feb -10 1699

CBOT futures closed mixed as the overnight rally melted away in corn and soybean futures during the day. On the other hand, wheat futures rose higher during the day trade. Corn, soybeans and soymeal were pressured by fund selling; the funds have reestablished sizable short positions in 2020. Funds apparently bought wheat against the corn sales, possibly supported in part by the drought and fires in Australia. Traders will be positioning for Friday’s crop reports. A tightening is expected in the corn and soybean supplies compared to the December crop reports. The trade will learn USDA’s estimate for winter wheat seedings – possibly down a half million acres from last year. Apparently tomorrow’s demand forecasts will not take into account the Phase 1 deal expected to be signed next week with China.

Cattle futures closed slightly higher and remain near the contract highs. Cash cattle prices look steady so far this week in the $124-125 area, while boxed beef values firmed. Choice beef rose .46 to 209.96 and Select gained .15  to 206.68. The weekly export sales report was delayed to Friday morning.

Lean Hog futures closed lower under pressure from LH futures premium to the cash market, which is weaker as well. FOB Plant Pork edged up .09 to 72.83.

US$ +.1%

Dow +212 28957

SP +22 3275

NAS +74 9203

Tran +42 11026

  VIX -.91 12.54

 

WTI +4 5950

Brent -2 6542

Gas +1 166

NG +3 217

HO unch 195

Eth -1 133

Gold -8 1552

Slvr -25 1791

 

2-yr -.003 1.580%

5-yr -.014 1.651%

10yr -.019 1.855%

30yr -.029 2.330%

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