Market Closes - September 25, 2019

Posted on Sep 25, 2019

Corn Dec unch 374 (372-77); Jly unch 398

Bean Nov -5 889 (885-98); Jly -3 933

  Meal -2 293 (293-97)

  Oil -16 2904

Wheat Dec -4 477; Jly -5 493 (493-98)

  KC -1 404; MGE +10 554

Oats -1 272

Rice -10 1189

 

LC Oct +87 10300; Dec +107 10850; Apr +42 11727

FC Sep +32 14157; Nov +92 14112; Jan +105 13742

LH Oct +257 6457; Dec +230 7140; Feb +210 7802

Milk Sep +1 1827; Oct -3 1807

CBOT futures closed steady to lower, except for the MGEX spring wheat contract which continued to rally on unfavorable weather conditions and forecasts in the north. Corn futures traded to new highs for the September rally, but couldn’t sustain the gains. Soybean futures failed to get past the previous day’s highs for the second day this week. Traders were disappointed in the official quantity of soybean sales to China relative to rumored amounts, and are concerned about the current status of US/China negotiations. A stronger US Dollar was a negative for commodities. The political environment in Washington reduces the chance of progress on the USMCA trade agreement.

Cattle futures closed higher on the announcement of a US/Japan trade agreement which will lower tariffs on US beef. Today’s gains extended the 2-week price rally. Despite the futures rally, boxed beef slid lower again today. Choice beef fell .76 to 214.63 and Select gained .17 to 189.83.

Lean Hog futures rose sharply today on ideas that China is about to make a large purchase of US pork. The pork market didn’t react as generously. FOB Plant Pork gained .67 to 70.41, compared to 1.17 in the morning. Bellies gained 5% and picnics rose 6%, while loins and butts fell 3%.

US$ +.6%

Dow +163 26971

SP +18 2985

NAS +84 8077

Tran +100 10433

  VIX -1.09 15.96

 

WTI -80 5649

Brent -71 6239

Gas -3 163

NG unch 250

HO -1 195

Eth +6 143

Gold -28 1512

Slvr -55 1807

 

2-yr +.087 1.681%

5-yr +.100 1.611%

10yr +.102 1.737%

30yr +.095 2.190%

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