Market Closes - February 11, 2019
Posted on Feb 11, 2019February 14 is the Deadline for many USDA Programs.
Corn Mar -1 373 (372-75); Dec -1 398 (396-99)
Bean Mar -9 905 (903-19); Nov -8 949 (947-60)
Meal -1 305
Oil -63 3024
Wheat Mar +1 518; Jly unch 523 (517-23)
KC unch 494; MGE +5 574
Oats -2 282
Rice -9 1027
LC Feb +45 12782; Jun +27 11837; Aug +22 11480
FC Mar +57 14467; May +77 14767; Aug +72 15162
LH Feb +12 5517; May +100 6740; Jly +145 7792
Milk Mar +12 1471; Apr -6 1474
CBOT futures closed steady to mostly lower with 2-percent soybean oil losses dragging soybean futures down one percent. Generally, crop futures got past Friday’s USDA reports without major losses or chart damage. Corn futures closed lower for the fourth straight day and are now near the bottom of the 2-month long trading channel. Soy weakness developed from slowly-developing US/China trade negotiations and the negative outlook for a budget deal to avoid another government shutdown. Wheat futures were lifted by some export business and Friday’s USDA report that U.S. winter wheat acreage of 31.3 million acres is the smallest since 1909 and 4 percent below the 2018-crop.
Cattle futures closed slightly higher and near the day’s highs. LC was supported by Friday’s cash $125/cwt trade and higher boxed beef values. Choice beef gained 1.53 to 216.88 and Select jumped 2.69 to 213.86. The Choice/Select spread narrowed to 3.02. The February LC contract traded to within a nickel of its contract high. February LC is at a strong premium to the $125 cash market. Unless the boxed beef market breaks down, cash cattle should trade higher this week. Or the Feb LC could chart a “double top” with futures correcting lower. News reports indicate around 500,000 head of cattle may have perished in Australian floods this month.
Lean Hog futures beyond the Feb/April contracts closed strongly higher. FOB Plant Pork gained .64 to 65.46 with a 5% gain in rib value offsetting roughly 2% losses in ham and belly values. LH futures traded to new lows for this current down move, but recovered to close higher.
US$ +.4% 97.05
Dow -53 25053
SP +2 2710
NAS +10 7308
Tran +127 10304
VIX +.25 15.97
WTI -31 5278
Brent -59 6151
Gas -3 142
NG +6 264
HO -2 189
Eth +1 132
Gold -7 1307
Slvr -12 1569
2-yr +.024 2.487%
5-yr +.029 2.470%
10yr +.022 2.654%
30yr +.017 2.992%
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