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Market Updates

Market Closes - June 13, 2017
June 13, 2017
Market Closes - June 13, 2017

Yesterday’s lower-than-expected condition ratings for the Spring Wheat crop led to sharply higher wheat prices, especially at the MGEX exchange.  Corn and soybean futures rebounded from Monday’s losses with support coming from the wheat markets and some deterioration in rain forecast for the western Corn Belt.  Cattle futures opened steady to higher but was headed lower by mid to late morning.

Market Closes - June 12, 2017
June 12, 2017
Market Closes - June 12, 2017

Both grains and livestock futures fell hard today.  CBOT was pressured by increased chances of rain in key growing areas.  Cattle dropped to/near the daily limit as steady markets turned lower and then broke below key chart support areas, accelerating the selling. 

Market Closes - June 1, 2017
June 1, 2017
Market Closes - June 1, 2017

CBOT futures closed steady to lower after trading both sides of unchanged.  Chicago/KC wheat closed well off the day’s lows, supported by a big rally in the MGEX wheat contract.  Both Live Cattle and Feeder Cattle futures closed sharply higher with some contracts locked up the daily trade limit.  Prices were supported by sharply higher gains in the cash market where $4-5/cwt gains were seen.

Market Closes - May 30, 2017
May 30, 2017
Market Closes - May 30, 2017

CBOT futures closed 1-2 percent lower with corn and soybean futures settling near the day’s lows. Traders credited drier weather for the weakness.  Beyond the nearby June Live Cattle contract, cattle futures closed higher with big gains in Feeders.

Market Closes - May 25, 2017
May 25, 2017
Market Closes - May 25, 2017

CBOT futures closed little changed in corn and wheat to one percent lower in soybeans. Unfortunately, all major contracts closed near the day’s lows.  Cattle futures closed strongly higher and near the day’s highs; this followed similarly-sized losses on Wednesday.  Lean Hog futures closed moderately higher with the June LH contract trading to a new contract high and close. Futures started the day weaker, but found support from a higher cash hog market.

Market Closes - May 24, 2017
May 24, 2017
Market Closes - May 24, 2017

CBOT futures closed steady to slightly higher with corn and wheat futures ending high range.  Tonight’s 6-10 day and 8-14 day outlooks show the Corn Belt down through Texas will experience on average below to much-below normal temperatures. Cattle futures closed lower, adding to Tuesday’s losses.

Market Closes - May 18, 2017
May 18, 2017
Market Closes - May 18, 2017

Soybean futures fell sharply today as a result of an 8% drop in the Brazilian Real from a political scandal there.  The weaker Brazilian currency may encourage Brazilian bean sales which will reduce demand for U.S. soybeans.   Cattle futures traded both sides of unchanged but closed higher to strongly higher (feeder cattle) and in the upper end of the range.

Market Closes - May 17, 2017
May 17, 2017
Market Closes - May 17, 2017

The CBOT was influenced today by a weaker US Dollar and wet weather in the western Corn Belt. Wet soils could trim corn acres and pad soybean acreage.  Cattle futures closed higher with support stemming from the June Live Cattle contract’s sharp discount to the cash market around $135.

Market Closes - May 8, 2017
May 8, 2017
Market Closes - May 8, 2017

CBOT futures closed strongly lower on improving weather forecasts that could get planting progress back on schedule.  Traders are preparing for the USDA WASDE report coming on Wednesday.  Cattle futures opened lower but quickly turned higher and closed very strongly near the highs of the day (the June LC contract is an exception with a loss of 52 cents).

Market Closes - May 2, 2017
May 2, 2017
Market Closes - May 2, 2017

While CBOT futures traded higher overnight, markets sold off in the day session to close steady to mostly lower.  Cattle futures closed mostly higher with the nearby June LC contract trading up the daily $3.00 limit much of the day and closed pennies off the limit.  Lean Hog futures rallied on a stronger cash hog market and higher pork values.