Market Closes - August 1, 2019
Posted on Aug 1, 2019Corn Sep -7 393; Dec -7 402 (397-412)
Bean Sep -16 853; Nov -16 865 (860-82)
Meal -5 295
Oil -8 2780
Wheat Sep -11 476; Jly -13 501 (497-515)
KC -7 416; MGE -1 518
Oats +2 258
Rice unch 1195
LC Aug +165 10855; Dec +100 11322; Feb +47 11682
FC Aug -7 14145; Oct -122 14132; Jan -80 13950
LH Aug -25 7907; Oct -185 6915; Dec -220 6807
Milk Aug -2 1723; Sep +1 1769
Grain futures followed the lead of the financial markets in dropping sharply as news broke that President Trump will place a new 10% tariff on $300 billion of Chinese products effective September 1. U.S. equity markets went from up 1% before the news to down 1% at the closing bell. CBOT futures were already under pressure from Wednesday’s sharp selloff on poor fundamentals and speculative selling. Crude oil dropped $4/barrel, which is negative for ethanol and corn.
December Corn is now down 60 cents in the last 3 weeks; we’re now 40 cents above the May seasonal low.
Live Cattle futures closed higher, recovering much of yesterday’s losses. LC ignored the negative news and price action in many other ag futures and the US financial markets. Traders are optimistic about the cash fed market. Choice Beef rose .70 to 214.24 and Select fell .35 to 189.34.
Lean Hog futures beyond the nearby August LH closed sharply lower, adding to yesterday’s limit-down losses. President Trump’s tariff announcement only added to the current bearishness in the Lean Hog market. Fob Plant Pork cutout rose .24 to 87.79. The October LH moved below the July low. In less than 30 days, this contract rallied $14 and has since lost all of it.
US$ -.2% 98.4
Dow -281 26583
SP -27 2954
NAS -64 8111
Tran -268 10433
VIX +171 1783
WTI -409 5454
Brent -402 6103
Gas -10 176
NG -6 217
HO -10 187
Eth -1 144
Gold -5 1421
Slvr -22 1618
2-yr -.015 1.684%
5-yr -.161 1.684%
10yr -.131 1.890%
30yr -.091 2.435%
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