Market Closes - January 30, 2020
Posted on Jan 30, 2020Corn Mar -5 379 (378-85); Jly -5 389; Dec -5 390
Bean Mar -17 876 (875-94); Jly -16 904; Nov -13 916
Meal -5 291
Oil -89 3063
Wheat Mar -2 560; Jly -3 557 (549-61)
KC -1 471; MGE +1 536
Oats -2 305
Rice -10 1356
LC Feb +2 12177; Jun +2 11202; Aug +17 10995
FC Jan +35 14245; Apr +5 13712; Aug +15 14632
LH Feb -300 limit 6130; Apr -300 6582; Jun -300 7877
Milk Feb -31 1733; Mar -22 1776
CBOT futures closed mostly lower, led by big losses in the soy complex and less so in corn. The soy complex was pressured by selling related to poor export sales and soybean futures breaking below chart support at the December lows. Advancing soybean harvest in South America offers tough competition in export markets. Soybean futures are now at prices not seen since May 2019. Corn losses were limited by a strong weekly export sales report.
Cattle futures closed little changed although prices were tested on both sides of unchanged. The weak equity markets and the limit-down move in hogs pushed cattle futures to their lows in the first 90 minutes of trading. Choice beef slipped .17 to 213.35 and Select fell .45 to 211.48. February LC has lost over $4.00/cwt this week as the funds liquidated some of their large long position amid worries over the coronavirus.
Lean Hog futures gapped down and closed limit-down $3.00 today on continued concerns about the coronavirus and large pork production (more hogs, heavier average weight). Wednesday’s 4.49 drop in the pork cutout also weighed on LH futures. Today, FOB Plant Pork fell .49 to 70.90. Ham and picnics each lost over 4 percent in value; loin value rose 3 percent. LH futures are near/at contract lows. Technically, LH futures are reaching oversold levels.
US$ -.2%
Dow +125 28859
SP +10 3284
NAS +24 9299
Tran -72 10833
VIX -1.08 15.31
WTI -37 5296
Brent -61 5920
Gas -1 152
NG -6 188
HO -4 167
Eth unch 134
Gold +3 1573
Slvr +34 1782
2-yr -.004 1.415%
5-yr -.009 1.407%
10yr -.007 1.587%
30yr -.001 2.050%
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