Market Closes - March 13, 2019

Posted on Mar 13, 2019

Corn May +1 366; Dec +1 392 (389-95)

Bean May +4 901; Nov +3 936 (927-37)

  Meal +2 305

  Oil -6 2993

Wheat May -6 447; Jly -5 455 (448-64)

  KC -6 437; MGE -10 550

Oats +1 269

Rice +9 1083

 

LC Apr +2 12667; Jun +65 11932; Aug +15 11562

FC Mar +25 14155; May -2 14607; Aug -7 15145

LH Apr -17 6347; Jun +57 8082; Aug +157 8472

Milk Apr -3 1495; May -6 1519

 

CBOT futures closed mixed as the market generally failed to see follow-through from Tuesday’s strong rally. Futures were weaker to start, but rallied mid-morning before fading into the close. Soybean futures held up the best thanks to strength in soybean meal. Wheat posted losses as traders corrected part of the huge rally yesterday. A weaker US Dollar was supportive today. Traders will closely study tomorrow morning’s Weekly Export Sales report for signs of Chinese purchases.

Cattle futures closed narrowly mixed. LC and FC rallied strongly in the first hour of trading and then spent the rest of the day giving it back. It appears the spec longs paused their selling today to see more fundamental data. However, the boxed beef market was weak. Choice beef edged .02 higher to 228.24 and Select dropped 1.07 to 219.28.  Today’s trading ranges in LC and FC were inside Tuesday’s wide ranges.

Beyond the nearby April LH 17-cent drop, LH futures posted gains with last-half 2019 contracts showing big advances. The October LH has risen $5.00 over the past 4 trading days. It broke out of a $4 trading range and reached about $4 above it. The August LH traded to a new contract high and now sits at the Nov/Dec highs. Technically, both of these charts suggest possible ending points to the rally, at least short-term. FOB Plant Pork gained .23 to 67.85 with ribs up 2 percent and loins up 1 percent. Tomorrow’s weekly export sales number will be closely studied.

US$ -.6%  96.44

Dow +148 25703

SP +19 2811

NAS +52 7643

Tran +106 10367

  VIX -.34  13.42

 

WTI +146 5866

Brent +100 6767

Gas +5 187

NG +5 284

HO +1 199

Eth +3 134

Gold +12 1310

Slvr +4 1545

2-yr +.004 2.457%

5-yr +.003 2.417%

10yr +.005 2.610%

30yr +.018 3.008%

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