Market Closes - March 4, 2019

Posted on Mar 4, 2019

Corn May +2 375; Dec +1 396 (394-98)

Bean May +4 916; Nov +5 950 (947-57)

  Meal +3 310

  Oil -16 3008

Wheat May -2 455; Jly -2 461 (460-67)

  KC -2 443; MGE -6 552

Oats +1 265

Rice +14 1067

 

LC Apr -120 12835; Jun -62 11980; Aug -52 11575

FC Mar -2 14120; May +60 14712; Aug +97 15237

LH Apr +92 5732; Jun -35 7517; Aug -20 7810

Milk Apr -13 1500; May -4 1516

CBOT futures closed mixed with soybeans and wheat ending near the day’s lows. Early support came from President Trump’s encouraging remark about a US/China trade deal. However, prices weakened throughout the session. The spec funds, who have sizable short positions in the major commodities were reportedly light buyers. The ongoing cold, wet weather in the U.S. is not yet a big problem for the market, but bears watching. Corn futures added to Friday’s gains posted after the price reversal.

Live Cattle futures closed lower, led by the nearby April LC dropping 1.20 to 128.35, over 2.00 below Friday’s contract high. While the futures trend is still up, traders need to see further cash market support. Cattle traded $128-130 Friday with last week’s USDA average at $128/cwt. The strong boxed beef values may be supportive Tuesday. Choice beef surged 2.26 higher to 223.55, while Select gained .42 to 217.21. Plains weather continues to work against the feedlots. Last week’s average dressed carcass weight was 816 pounds, down 6 from the previous week. However, slaughter was up 4.5% and beef production was up 3.5%. Another factor mentioned as limiting upside price potential is the sizable long position of the specs.

Lean Hog futures were mostly lower, but the April LH posted a strong 92-cent gain. April was supported by two days of strong pork cutout gains, as well as President Trump’s encouraging trade comment. FOB Plant Pork jumped 1.01 to 62.93 with ham and belly values up 3 percent.

US$ +.2% 96.63

Dow -207 25820

SP -11 2793

NAS -18 7578

Tran -62 10400

  VIX +1.06  14.63

 

WTI +79 5659

Brent +60 6567

Gas +2 175

NG unch 286

HO +1 201

Eth unch 135

Gold -12 1287

Slvr -15 1510

 

2-yr -.016 2.543%

5-yr -.027 2.529%

10yr -.031 2.724%

30yr -.031 3.092%

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