Market Closes - September 17, 2019

Posted on Sep 17, 2019

Corn 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%

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