Market Closes - October 17, 2019
Posted on Oct 17, 2019Corn 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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