Market Closes - July 30, 2019
Posted on Jul 30, 2019Corn Sep -6 411; Dec -6 421 (420-27)
Bean Aug -7 879; Nov -7 897 (889-905)
Meal Aug -4 300
Oil -12 2831
Wheat Sep -6 497; Jly -4 520 (519-24)
KC -3 433; MGE -4 529
Oats -1 257
Rice -21 1209
LC Aug -55 10810; Dec -40 11345; Feb -25 11742
FC Aug +80 14310; Oct +130 14387; Jan +75 14147
LH Aug -212 8230; Oct -245 7400; Dec -217 7327
Milk Aug -12 1749; Sep -14 1780
CBOT futures closed markedly lower with corn performing the worst. With a lack of friendly market news, the speculators were apparently selling aggressively. The China negotiations are not going well based on President Trump’s comments. And there’s no indication that China is making the promised “good faith” purchases of US soybeans. Technically, corn futures are in danger of breaking key chart support (4.20 in December Corn). August Soybean Meal made a new low for this weeks-long downtrend, reaching a level not seen since May 24. This contract rallied $44 in May and has now lost $29 of it in the past 6 weeks.
Cattle futures were a mixed bag today as Live Cattle fell under pressure from yesterday’s negative chart action, but Feeder futures recovered strongly from negative early trade. The sliding CBOT futures supported FC. Improving beef values could lead to better-than-expected cash fed prices at week’s end. Choice beef gained .77 to 214.03 and Select rose 1.37 to 191.13.
Lean Hog futures closed sharply lower in follow-through selling to yesterday’s heavy losses. Despite a strong pork market, LH futures were pressured by the continued negative prospects for a US/China trade deal. A private firm forecast that China’s herd size could be down 50 percent by the end of 2019. FOB Plant Pork soared 3.05 to 87.09. Ham value rose 10%; bellies and ribs rose over 2%. The morning cutout was up 3.41.
Tomorrow the FOMC will announce its interest rate policy. The market is expecting a 1/4-point cut in its key rate. The FOMC’s policy statement will be as important as the actual cut.
US$ steady
Dow -23 27198
SP -8 3013
NAS -20 8274
Tran +9 10785
VIX +1.11 13.94
WTI +147 5834
Brent +129 6500
Gas +4 190
NG -3 214
HO +4 195
Eth unch 147
Gold +9 1430
Slvr +12 1656
2-yr unch 1.850%
5-yr +.010 1.844%
10yr +.005 2.060%
30yr -.002 2.581%
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