Market Closes - July 17, 2019

Posted on Jul 17, 2019

Corn Sep +1 436; Dec unch 441 (437-47)

Bean Aug -5 882; Nov -5 900 (899-912)

  Meal -1 307

  Oil -31 2768

Wheat Sep -2 505; Jly20 -3 535 (533-42)

  KC -4 442; MGE -2 528

Oats +2 278;

Rice -31 2768

 

LC Aug -10 10812; Dec -37 11335; Feb -50 11705

FC Aug -47 14057; Oct -115 14107; Jan -115 13957

LH Aug +295 8200; Oct +252 7782; Dec +237 7572

Milk Jly +7 1738; Aug +18 1768

CBOT futures closed steady to mostly lower and mostly near the low end of the day’s trading ranges. The market lacks clear direction with so much unknown about corn and soybean acreage and crop condition, as well as timing of any trade deals. Today’s 6-14 day outlook calls for temperatures to average below normal, but the Corn Belt will also have below-average rainfall. The cooler temps may reduce crop stress, but also slows crop development (GDDs).

Cattle futures closed lower as prices take a breather from the 3-week rally that peaked Friday-Monday. The cash market is quiet ahead of Friday’s Cattle on Feed Report (expected to show July 1 inventory at 101.8% of a year earlier). Box beef was not supportive, as Choice slipped .36 to 212.57 and Select fell .82 to 188.34. The August LC contract is about $3/cwt discount to recent cash trade. Friday will also see the mid-year Cattle Inventory report. The average trade estimate is for the number of beef cows/heifers to be at 100% of a year ago. Beef replacement heifers are expected to total 98.5% of a year ago.

Lean Hog futures closed strongly higher, supported by this week’s rising cash hog and pork prices. The October LH gapped higher and closed at the top end of the range. October LH is now $10/cwt above the low set on July 9. FOB Plant Pork gained .68 to 76.48 picnics up 7%, hams up 2% and ribs down 8%. In the morning, this cutout was up 1.26. Tomorrow’s export sales report will be studied for improved Chinese demand.

 

US$ -.1%

Dow -116 27220

SP -20 2984

NAS -38 8185

Tran -388 10407

  VIX +1.06 13.92

 

WTI -102 5660

Brent -79 6356

Gas -1 188

NG unch 231

HO -1 189

Eth -5 147

Gold +16 1428

Slvr +32 1600

 

2-yr -.043 1.819%

5-yr -.068 1.815%

10yr -.071 2.049%

30yr -.068 2.564%

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