Rusty Halvorson updates the markets, current as of 1/17/2020 at 2 p.m.
The grains rallied on Friday. After reading the fine print of the phase one trade deal with China, some traders expressed disappointment in the futures trade yesterday with a downward performance across the board. The trade agreement doesn’t specifically require China to lower its punitive tariffs on agricultural products, which include a 25% retaliatory tariff on soybeans. March corn up 13 3/4 at 3.89 1/4, Chicago wheat March up 5 1/4 at 5.70 1/2, March soybeans up 5 3/4 at 9.29 3/4.
Lean hogs and cattle ended mixed, after hogs led the futures lower on Thursday. Traders believe pork will be one of the main goods that China will buy from the U.S. under the phase one deal, but China has indicated that it will buy only what it needs depending on market conditions. February Live Cattle up 22 at 126.35, March Feeder Cattle up 17 at 145.00, February lean hogs up 80 at 67.67.