Corn May -4 347; Dec -4 376 (374-80)

Bean May -7 855; Nov -7 889 (889-99)

  Meal -1 300

  Oil -14 2792

Wheat Jly -6 438 (436-46); Dec -5 463

  KC Jly -9 411; MGE -8 512

Oats +1 284

Rice -2 1041

 

LC Apr -155 12678; Jun -277 11835; Oct -230 11662

FC May -310 14652; Aug -297 15672; Oct -295 15830

LH May +135 8917; Jun +40 9277; Oct -10 9260

Milk May +1 1588; Jun +3 1609

CBOT futures mostly closed lower as the spec funds keep selling the market with bearish technicals (charts) and fundamentals on their side. The U.S. Dollar hit a 2-year high (see chart here); that’s bearish commodity exports.  Plentiful world grain/soybean supplies and trade issues with China encourage the sellers. And China may be unhappy with the U.S. not renewing China’s exemption to buy Iranian crude oil.  Canada reported increased wheat seedings for 2019.  With China’s hog herd downsized due to ASF, they have less demand for feed. Corn futures hit new contract lows. Soybeans made new lows and closed at/near the day’s lows. Chicago Wheat is on the brink of breaking contract low support; KC and MGEX wheat are making new contract lows.  Traders will study tomorrow’s weekly export sales report.

Cattle futures closed sharply lower today on long liquidation as futures broke below technical moving-average support. The spec funds are huge longs in Live Cattle. Today’s 0.5% increase in the US Dollar Index also weighed on futures. Choice beef fell 1.15 to 232.96 and Select slipped .98 to 220.28. Traders will be eager to see the weekly beef export sales figure tomorrow morning.

Lean Hog futures were the bright spot for agriculture today with some positive closes in the M/J/J/A LH contracts. The nearby strength was probably tied to morning strength in the pork cutout (up .87) and positioning ahead of Thursday’s pork export sales report (hoping that China bought a bunch).  However, by the afternoon, pork values had fallen sharply; this will hit futures tomorrow if export sales aren’t strong. FOB Plant Pork fell a sharp 1.94 to 86.98; loins dropped 3%, hams down almost 2%, bellies down 2%, and picnics down over 5%.

US$ +.5% 98.09

Dow -59 26597

SP -6 2927

NAS -19 8102

Tran +96 11099

  VIX +.86 13.14

 

WTI -41 6589

Brent +6 7457

Gas unch 213

NG +1 246

HO -2 210

Eth -3 130

Gold +6 1279

Slvr +12 1492

 

2-yr -.044 2.322%

5-yr -.047 2.314%

10yr -.048 2.522%

30yr -.044 2.937%

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