Market Closes - September 11, 2019
Posted on Sep 11, 2019Corn Dec -1 360 (357-63); Jly -2 389
Bean Nov -5 866 (864-73); Jly -4 916
Meal Oct -3 291
Oil Oct +30 2865
Wheat Dec -5 477; Jly -1 492 (488-93)
KC -5 398; MGE -1 502
Oats +5 280
Rice +8 1209
LC Oct +235 9850; Dec +240 10362; Feb +175 11017
FC Sep +217 13707; Nov +285 13355; Jan +260 13147
LH Oct -255 6017; Dec -57 6120; Feb -155 6760
Milk Sep +3 1823; Oct +23 1839
CBOT futures traded higher in follow-through on Tuesday’s rally but closed lower. Market direction may hinge on tomorrow’s USDA Production report for corn and soybeans. This will be the first monthly estimate for the 2019 crop that used in-field sampling. This used to begin in August, but NASS has changed their methodology to begin with the September estimates.
Bloomberg News reports the average trade estimates are as follows:
Corn Yield - 167.2 bu/ac
Corn Prod’n – 13.67 billion bu.
Soybean Yield – 47.2 bu/ac
Soybean Prod’n- 3.58 billion bu.
Live Cattle and Feeder Cattle futures closed strongly higher – for the second straight day. This week’s strength is technical in nature as traders cover shorts and try to pick the bottom following Monday’s drop to new contract lows. The futures rally came despite sharp losses in boxed beef values and a steady cash cattle market. Choice dropped 5.49 to 219.89 and Select fell 2.58 to 198.40. Packers have huge margins to play with following the packing plant fire in Kansas a few weeks ago.
Lean hog futures closed lower with the nearby October LH contract down sharply. LH futures have traded a wide range so far this week. Cash hog prices are pressured by large receipts exceeding year-ago levels. China didn’t include pork, or beef, in its short list of items it is waiving import tariffs on. FOB Plant Pork +.46 to 72.45. As always, traders will closely study the weekly export sales report Thursday morning.
US$ +.3% 98.63
Dow +228 27137
SP +22 3001
NAS +86 8170
Tran +89 10761
VIX -.59 14.61
WTI -139 5590
Brent -133 6105
Gas -1 158
NG -3 254
HO -2 191
Eth unch 133
Gold +6 1505
Slvr unch 1804
2-yr +.012 1.676%
5-yr +.033 1.598%
10yr +.043 1.745%
30yr +.045 2.226%
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