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Market Updates

Market Closes - January 30, 2017
January 30, 2017
Market Closes - January 30, 2017

The price board is very red tonight as most commodity prices closed lower with some sharply lower. Soy complex futures led the CBOT lower as the spec funds were reportedly huge sellers.  Cattle futures fell sharply in response to Friday afternoon’s bearish Cattle on Feed Report. It showed December Placements up a whopping 17.6% compared to a 8.8% expectation.

Market Closes - January 26, 2017
January 26, 2017
Market Closes - January 26, 2017

Except for wheat contracts, CBOT futures closed lower today with pressure stemming from a stronger US Dollar and a lack of bullish fundamentals. Soybean futures have closed lower 5 of the last 6 days, with March Soybeans 30 cents lower than the January 18th HIGH.  Cattle futures closed sharply lower, especially in Feeder Cattle, as traders reduced positions ahead of Friday’s Cattle on Feed Report and next week’s Cattle report which reports the annual inventory.

Market Closes - January 24, 2017
January 24, 2017
Market Closes - January 24, 2017

CBOT futures closed mixed with soybean futures again outperforming corn and wheat which both ended down 5-6 cents. March Corn traded overnight to new 6-month highs above the key chart resistance I listed yesterday; however, that upside breakout failed terribly and futures closed sharply lower with a bearish outside-down day on the chart. Cattle futures rallied at the opening bell in follow-through buying from Monday’s higher closes, but fell sharply in the 11:00 am CT hour.

Market Closes - January 23, 2017
January 23, 2017
Market Closes - January 23, 2017

The US Dollar is weaker today and that was generally supportive of U.S. commodities, equities and Treasuries. However, soybean and meal futures were pressured by drier weather in Argentina and the approaching ramp up of harvest in South America.   Cattle futures traded very narrow price ranges today as traders wait for more direction from the cash markets.

Market Closes - January 18, 2017
January 18, 2017
Market Closes - January 18, 2017

CBOT futures closed mixed with soybeans and meal performing the best of the major commodities (Oats gained an impressive 8 cents).  Live cattle futures closed higher while Feeder cattle ended lower except for the February contract. LC was supported by higher boxed beef values and expectations of higher fed cattle prices this week. Lean Hog futures closed lower after moving to new highs in the morning. Profit-taking kicked in under pressure from a sharply lower pork market. 

Market Closes - January 17, 2017
January 17, 2017
Market Closes - January 17, 2017

Except for MGEX wheat and soybean oil futures, CBOT futures closed strongly higher led by 2+ percent gains in old-crop soybean futures and 4+ percent gains in nearby soybean meal futures.  Corn and wheat futures also gained almost 2 percent.  Cattle futures closed higher and in the upper end of the range.  Live Cattle traded to new highs.

Market Closes - January 12, 2017
January 12, 2017
Market Closes - January 12, 2017

CBOT futures closed near steady in corn to sharply higher in soybeans and soybean meal in response to the midday USDA crop reports.  Wheat futures closed strongly higher, supported by lower-than-expected winter wheat seedings reported today at 32.38 million acres, down 10% from 2015 and the 2nd lowest on record. 

Market Closes - January 11, 2017
January 11, 2017
Market Closes - January 11, 2017

CBOT futures closed mostly lower as traders prepared for tomorrow’s USDA reports on grain stocks, wheat seedings, and US/World Supply-Demand.  Cattle futures closed lower and in relatively narrow price ranges. This comes after the sharp price gains on Monday and Tuesday.  Lean Hog futures closed slightly higher on stronger cash hog prices and a sharp jump in the pork cutout value that more than erased Tuesday’s drop. 

Market Closes - January 10, 2017
January 10, 2017
Market Closes - January 10, 2017

CBOT futures closed near steady to higher with the soy complex leading the market for a second straight day.  Soybeans, meal and soyoil futures closed at the high end of the range.  Cattle futures closed sharply higher despite lower beef prices. Boxed beef values dropped sharply.  Lean Hog futures closed higher with the nearby February LH contract leading the way up. The gains came in sympathy with cattle’s sharp rally and a dollar/cwt increase in cash prices.

Market Closes - January 9, 2017
January 9, 2017
Market Closes - January 9, 2017

CBOT futures closed higher with soy and wheat leading the market up and posting closes at the very high end of the day’s trading range.  Cattle futures closed strongly higher with the biggest gains in the Feb and April LC contracts. Futures started the day on a weak tone but soon turned higher.  Lean Hog futures closed higher except for February LH dropping 22 cents. All LH contracts opened lower this morning under pressure from weaker cash hog prices and February LH’s sharp premium to the CME Cash Index.