Market Closes - July 9, 2019

Posted on Jul 9, 2019

Corn Sep -7 432; Dec -6 437 (433-43)

Bean Aug +7 886; Nov +6 904 (890-905)

  Meal +3 309

  Oil +2 2801

Wheat Sep -8 503; Dec -7 515; Jly -5 535

  KC -1 439; MGE -6 526

Oats -3 275

Rice +15 1188

 

LC Aug +197 10812; Dec +182 11370; Feb +162 11790

FC Aug +397 14287; Oct +415 14302; Jan +360 14145

LH Jly +130 7137; Oct +300 limit 7100; Dec +300 7045

Milk Jly +7 1740; Aug unch 1783

 

CBOT futures closed very mixed with corn and wheat declining and soybeans settling higher by the close. The funds were active with some liquidation of corn longs and bean shorts. Traders are uncertain what the near-term weather is doing for the crops and more importantly, what USDA’s crop report will say at Noon EDT on Thursday. The August crop report will likely be a big deal as the acreage and yield estimates will be more reliable. The US Dollar Index continued its strengthening since bottoming on June 25.

Cattle futures closed sharply higher even as boxed beef values dropped sharply. Choice beef closed down 2.73 at 214.73 and Select lost 2.32 to 192.09. Today’s buying could indicate traders believe cash feds will move higher as feedlots appear to be very current in their marketings. The limit-up move in Lean Hogs was also supportive.

Beyond the nearby July LH contract, lean hog futures closed sharply higher to locked limit up in the Aug/Oct/Dec contracts. While the rally was supported by stronger pork cutouts, prices were supported by short-covering after a 3-month downtrend. FOB Plant Pork finished up 1.89 to 73.77. Bellies, ribs and loins rose around 3%; hams jumped over 4%. The morning cutout was up 3.70 at 75.58.

US$ +.1% 97.51

Dow -23 26783

SP +4 2980

NAS +43 8142

Tran -77 10339

  VIX +.13 14.09

 

WTI +68 5834

Brent +39 6450

Gas +3 193

NG +3 243

HO +2 192

Eth -4 148

Gold unch 1400

Slvr +8 1513

 

2-yr +.035 1.915%

5-yr +.037 1.881%

10yr +.033 2.067%

30yr +.020 2.540%

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