Market Closes - September 24, 2019

Posted on Sep 24, 2019

Corn Dec +1 375 (370-76); Jly unch 398

Bean Nov +2 894 (890-99); Jly +1 936

  Meal +1 295 (294-98)

  Oil +1 2920

Wheat Dec -1 482; Jly unch 498 (493-98)

  KC -1 405; MGE +7 544

Oats -6 273

Rice -6 1200

 

LC Oct +27 10212; Dec -35 10742; Apr -5 11685

FC Sep -35 14125; Nov +47 14020; Jan +52 13637

LH Oct +105 6200; Dec +72 6910; Feb +80 7592

Milk Sep -1 1825; Oct -22 1811

CBOT futures closed narrowly mixed with high-range closes in corn and wheat. Corn futures were held back by prices being at the top end of the 7-week range and the slight improvement in corn’s condition rating yesterday by USDA. KC/Chicago wheat futures appear to be turning back down after the strong rally this month. Despite the apparent batch of Chinese soybean purchases this week, soybean futures couldn’t push past Monday’s highs and closed mid-range. Gains were limited by a failure for soybean meal to add to Monday’s strong rally and by President Trump’s criticism of China in his United Nations speech. Traders are talking about some signs of cold weather in the northern Corn Belt next week, but it’s too early to trade on it.

Cattle futures closed narrowly mixed, with feeder cattle outperforming LC today. Cattle were limited by weaker boxed beef values, a weaker stock market, and President Trump’s criticism of China’s trade policy. Choice slid 1.06 to 215.39 and Select dropped 1.18 to 189.66.

Lean Hog futures closed moderately higher, adding to Monday’s price gains. LH was supported by stronger pork values Monday and this morning. But this afternoon, FOB Plant Pork dropped .44 to 69.74 with wide variability in value changes in each primal.

US$ -.3% 98.32

Dow -142 26808

SP -25 2967

NAS -119 7994

Tran -49 10333

  VIX +2.14  17.05

WTI -135 5729

Brent -167 6310

Gas -3 165

NG -2 250

HO -3 197

Eth unch 137

Gold +9 1540

Slvr -8 1863

2-yr -.041 1.628%

5-yr -.053 1.529%

10yr -.059 1.649%

30yr -.049 2.104%

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