Market Closes - April 12, 2017

Posted on Apr 12, 2017

CBOT futures closed steady to mostly higher, led by the soybean meal market.  Most contracts established their daily high about 12:45 pm CDT and then sold off into the closing bell, resulting in closes 2-3 cents off the highs.  Strength today was tied to follow-through buying due to yesterday’s strong bounce off the post-report losses.  Corn was also supported by a wet Corn Belt forecast and a firm export basis.

Cattle futures closed higher but well off the day’s highs which were set by 10 am. Cattle futures hit new highs for this latest rally.  A disappointing Fed Cattle Auction introduce doubt that the fed cattle market will rise this week. Boxed beef was mixed as Choice closed up .76 at 210.13 and Select dropped .96 to 198.64 (this follows yesterday’s huge 3.00 gain). 

Average slaughter weights have returned to 2015 levels this year, helping to reduce beef production.

Lean Hog futures closed lower on pressure from weaker cash hog prices. FOB Plant Pork lost .44 to 74.73.  All primal cuts were lower except for bellies which rebounded 4.67 from yesterday’s 11.94 loss.  Deferred LH futures erased yesterday’s sizable gains.

Financial markets again saw risk-off trade with stocks down, gold up and Treasury prices higher.
 

Corn May +2 369; Jly +2 376; Dec +2 392 (390-94)

Bean May +8 948; Jly +8 959; Nov +7 955 (949-58)

  Meal +3 313

  Oil +17 3124

Wheat May unch 433; Jly -1 446 (445-49)

  July KC unch 442; MGE +2 537

Oats +5 224

Rice -8 1018

 

LC Apr +95 12420; Aug +52 11037; Oct +52 10985

FC Apr +32 13750; Aug +77 13995; Oct +30 13942

LH Apr -42 6222; Jun -172 7227; Aug -92 7402

Milk Apr +11 1525; May +27 1550

 

US$ -.4%

Dow -59 20592

SP -9 2345

NAS -31 5836

Tran -164 8972

  VIX +.63 15.70

 

WTI -29 5311

Brent -69 5554

Gas -2 174

NG +4 319

HO unch 165

Eth +2 167

Gold +4 1275

Slvr +5 1830

 

2-yr -.020 1.214%

5-yr -.040 1.792%

10yr -.051 2.264%

30yr -.024 2.906%

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