Market Closes - September 11, 2019

Posted on Sep 11, 2019

Corn 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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