Market Closes - July 30, 2019

Posted on Jul 30, 2019

Corn 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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