Market Closes - January 9, 2020
Posted on Jan 9, 2020Corn 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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