Market Closes - September 17, 2019
Posted on Sep 17, 2019Corn Dec -6 368 (366-74); Jly -6 395
Bean Nov -6 894 (888-900); Jly -6 940
Meal -1 294 (291-95)
Oil -29 2985 (2980-3026)
Wheat Dec -4 484; Jly -4 499 (496-501)
KC -7 402; MGE -2 506
Oats unch 281
Rice +6 1227
LC Oct +135 9935; Dec +127 10530; Feb +132 11177
FC Sep +262 13917; Nov +187 13505; Jan +177 13277
LH Oct -152 6210; Dec -300 limit 6767; Feb -230 7355
Milk Sep -5 1829; Oct -75 1899
The major CBOT futures contracts closed lower with some volatility at the close. Futures opened near steady Monday evening, slid overnight, rallied at the 8:30 am opening, only to turn lower. In the last 15 minutes of trading, soybeans climbed 6 cents off the lows. Corn and soybeans were pressured by the favorable USDA Weekly Crop Progress report, non-threatening weather forecast through September, and the sharp losses in energy futures (Saudi oil facilities will be back online sooner than first feared). Soybean meal also finished well of its daily lows in part due to a strong soybean crush report for August. In contrast, soybean oil finished near the lows, helping to pull soybeans lower.
Cattle futures closed strongly higher in the upper end of the day’s trading range. LC futures were supported by stronger boxed beef values in the morning. However, the closing report had Choice beef down .85 to 219.77 as Select fell 2.66 to 193.91. The CH/Sel spread is 25.86. Cash fed trade hasn’t been established but packers have large margins to use to pay up. USDA has a Cattle on Feed report on Friday. October FC soared $4.30 before closing up 2.62. On the chart, this closed the huge down gap posted August 9; deferred contracts still have gaps open.
Lean Hog futures closed sharply lower with the December LH ending down the daily $3.00 limit (expands to $4.50 tomorrow). LH futures were pressured by weakening cash hog and pork values as slaughter is running so far ahead of year-ago levels. FOB Plant Pork dropped .45 to 68.21, compared to 69.35 in the morning report. The CME LH Index at 58.48 is about $3.50 below October LH futures. Traders need to see stronger pork purchases by China.
US$ -.4% 98.23
Dow +34 27111
SP +8 3006
NAS +32 8186
Tran -25 10706
VIX -.23 14.44
WTI -406 5861
Brent -493 6409
Gas -9 166
NG -2 266
HO -10 198
Eth -2 138
Gold -2 1509
Slvr +7 1809
2-yr -.034 1.731%
5-yr -.039 1.663%
10yr -.035 1.808%
30yr -.036 2.275%
“Across Kentucky” podcast - Click Here
KENTUCKY CASH GRAIN PRICES – Click Here
KENTUCKY LIVESTOCK AUCTIONS -- Click Here
Comments