Market Closes - October 17, 2019

Posted on Oct 17, 2019

Corn Dec +3 395 (391-97); Jly +3 418

Bean Nov +3 931 (927-41); Jly +1 973

  Meal +2 307 (303-09)

  Oil -1 3039

Wheat Dec +12 525; Jly +10 536 (525-37)

  KC +6 431; MGE +1 552

Oats -4 299

Rice +1 1199

 

LC Oct +5 11240; Feb -5 11955; Apr -32 12140

FC Oct -102 14420; Jan -152 14085; Apr -107 14132

LH Dec -247 6815; Feb -120 7765; Apr -107 8380

Milk Oct +1 1863; Nov -11 1857

CBOT futures traded most of the day on the plus side and closed with moderate to strong gains, led by Chicago wheat futures. A third consecutive day of a weaker US Dollar Index was supportive. Support also came from the potential for crop losses in the northern areas that were hit by the snow storm. The weekly export sales report will be out tomorrow morning.

Live cattle closed near steady while feeder cattle posted moderate losses, albeit about a dollar off the day’s lows. Generally, traders believe the cash market should firm this week. One caution flag is an explosion at the Cargill beef plant in Dodge City that suspended operations today. Hopefully, processing will be back to normal Friday. Choice beef slipped .17 to 218.11 and Select gained 1.23 to 192.60.  The Choice-Select narrowed to 25.51.

Lean hog futures closed sharply lower for a second day. December LH led the decline and is now $4.00 below Tuesday’s close which was limit-up $3.00. December LH has now retraced nearly 50% of the $8.00 rally seen since October 7. Futures were pressured by weaker pork values and uncertainty whether China will buy enough pork to offset the record U.S. slaughter levels. FOB Plant Pork dropped 1.44 to 76.28 with bellies down 6%, and hams down 3%. Check out Friday morning weekly export sales report. https://apps.fas.usda.gov/export-sales/esrd1.html

US$ -.4%

Dow +24 27026

SP +8 2998

NAS +33 8157

Tran +63 10496

  VIX +.11 13.79

 

WTI +58 5403

Brent +49 5991

Gas unch 162

NG +1 232

HO +1 195

Eth +2 144

Gold +4 1498

Slvr +18 1761

2-yr +.015 1.600%

5-yr +.011 1.577%

10yr +.007 1.752%

30yr +.004 2.236%

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