Market Closes - July 17, 2019
Posted on Jul 17, 2019Corn Sep +1 436; Dec unch 441 (437-47)
Bean Aug -5 882; Nov -5 900 (899-912)
Meal -1 307
Oil -31 2768
Wheat Sep -2 505; Jly20 -3 535 (533-42)
KC -4 442; MGE -2 528
Oats +2 278;
Rice -31 2768
LC Aug -10 10812; Dec -37 11335; Feb -50 11705
FC Aug -47 14057; Oct -115 14107; Jan -115 13957
LH Aug +295 8200; Oct +252 7782; Dec +237 7572
Milk Jly +7 1738; Aug +18 1768
CBOT futures closed steady to mostly lower and mostly near the low end of the day’s trading ranges. The market lacks clear direction with so much unknown about corn and soybean acreage and crop condition, as well as timing of any trade deals. Today’s 6-14 day outlook calls for temperatures to average below normal, but the Corn Belt will also have below-average rainfall. The cooler temps may reduce crop stress, but also slows crop development (GDDs).
Cattle futures closed lower as prices take a breather from the 3-week rally that peaked Friday-Monday. The cash market is quiet ahead of Friday’s Cattle on Feed Report (expected to show July 1 inventory at 101.8% of a year earlier). Box beef was not supportive, as Choice slipped .36 to 212.57 and Select fell .82 to 188.34. The August LC contract is about $3/cwt discount to recent cash trade. Friday will also see the mid-year Cattle Inventory report. The average trade estimate is for the number of beef cows/heifers to be at 100% of a year ago. Beef replacement heifers are expected to total 98.5% of a year ago.
Lean Hog futures closed strongly higher, supported by this week’s rising cash hog and pork prices. The October LH gapped higher and closed at the top end of the range. October LH is now $10/cwt above the low set on July 9. FOB Plant Pork gained .68 to 76.48 picnics up 7%, hams up 2% and ribs down 8%. In the morning, this cutout was up 1.26. Tomorrow’s export sales report will be studied for improved Chinese demand.
US$ -.1%
Dow -116 27220
SP -20 2984
NAS -38 8185
Tran -388 10407
VIX +1.06 13.92
WTI -102 5660
Brent -79 6356
Gas -1 188
NG unch 231
HO -1 189
Eth -5 147
Gold +16 1428
Slvr +32 1600
2-yr -.043 1.819%
5-yr -.068 1.815%
10yr -.071 2.049%
30yr -.068 2.564%
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