3:05 PM: Good afternoon, this is Kluis Commodity Advisors with your closing grain comments for the week ending Friday January 18, 2019.
To Do: We had no new recommendations this week. Keep all offers in place.
What I think: The grains closed mostly higher today led by the strength in soybeans. There is continued optimism about a trade agreement with China and the weather problems persist in Brazil. The chart action this week was impressive for corn and soybeans. Crude oil resumed its rally today and was up over a $1 a barrel.
Livestock futures: Trading was mixed today. At this time, February Hogs are up 37 cents at $61.22 and February Cattle are down 57 cents on the day at $126.52.
Market action:
This week’s market action:
March Corn: The trading range for the week was 12 cents while closing up 4 cents for the week at $3.82.
March Soybeans: The trading range for the week was 29 cents with the March contract closing up 18 cents for the week at $9.17.
March Wheat: The trading range for the week was 15 cents with the Chicago market closing down 1 cent, Minneapolis up 3 cents and KC up 2 cents for the week.
Crude oil: Closed the week up $2.04 to 53.72.
Dow: Closed the week up 710 points to 24,706.
US Dollar: Closed the week up .70 points to 96.37.
What to watch: Monitor the weather in South America and global energy prices.
Reminder: The markets are closed on Monday, January 21 for the MLK holiday and will reopen on Monday night at 7 pm Central.
We will have our next update by 6 am Monday morning. Have a great weekend.