Market Closes - April 23, 2015

Posted on Apr 23, 2015
CBOT futures closed mixed despite several supportive factors including a weaker US Dollar, stronger energy futures, rising equity indexes and a positive export sales report this morning. Very strong soybean oil futures managed to lift soybean futures even as soybean meal held near steady. Selling may have been encouraged by uncertainty about the future impact of bird flu and expectations of good corn planting in the western half of the Corn Belt. The latter factor may be why corn futures collapsed in the final minutes of trading to end at the day’s lows and just above yesterday’s lows. Corn charts look negative while the soybean charts suggest prices could rise further.

Effective May 1, 2015, the CME Group is raising the daily initial price limit for CBOT Corn to 30 cents/bushel from 25 cents (this makes the expanded price limit 45 cents). Price limits are reset on May 1 and November 1 each year, based on price levels. Price limits are not changing for soybeans(70), wheat(40) and soybean meal(25). New limits are set for oats(20) and soybean oil(2).

After a rough first 3 days for cattle prices, cattle buyers came in today with a new attitude. Buying started early and persisted so that several contracts closed LIMIT UP. One can guess that traders sensed that cash cattle will trade steady to higher after dropping about $3.00/cwt last Friday. Boxed beef values were mixed. Choice down 0.05 at 260.01; Select up 1.52 at 251.04.

The monthly Cattle on Feed Report will be released tomorrow afternoon.

Hog futures also started higher at the 8 am opening bell and rose though the morning before softening a little in the afternoon. Support came from a very strong pork product market and spillover from the cattle pits. FOB Plant Pork gained 2.19 to 69.67 with stronger values for all cuts but the belly.

Corn May -2 371; Jly -3 377; Dec -3 394 (394-402) Bean may +8 978; Jly +8 980; Nov +8 961 (954-65) Meal May +1 317; Oct +1 311 Oil +46 3202 Wheat Jly +2 501 (499-506); Dec +4 527 KC +5 522; MGE -1 555 Oats -7 251 Rice -9 1006

LC Apr +300 limit 15930; Jun +300 limit 14902; Oct +277 14957 FC Apr +172 21427; May +450 limit 21125; Aug +450 limit 21295 LH May +122 7192; Jun +237 7832; Oct +172 7155 Milk May +25 1669; Jun +49 1692

US$ -.8%

Dow +20 18059 SP +5 2113 - surpassed old record earlier today NAS +21 5056 - set a new all-time high record today Tran +42 8905 VIX -.23 12.48

WTI +128 5744 Brent +202 6475 Gas +7 199 NG -7 258 HO +5 192 Eth unch 160 Gold +6 1193 Slvr +4 1583

2-yr -.016 0.533% 5-yr -.026 1.362% 10yr -.020 1.952% 30yr -.009 2.645% Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 04/22/15

Receipts: 2141 Last Week: 2656 Year Ago: 2747 **Total receipts include 207 head sold in cow sale Wed. night.

Compared to last week steer calves under 600 lbs sold 2.00 to 5.00 lower with some 400-500 lbs 10.00 lower with light demand; 600-700 lbs sold steady and yearlings sold 3.00 to 5.00 lower with light to moderate demand. Heifer calves under 600 lbs sold 3.00 to 6.00 lower with light to moderate demand, over 600 lbs sold steady to 2.00 lower with moderate demand. Average to good quality offering this week. Rainy pattern continued this week and more rain forecasted for next week. Slaughter cows sold 1.00 to 3.00 higher with good demand. Slaughter bulls sold 1.00 to 2.00 lower with good demand. Total supply included 08% slaughter cows, 01% slaughter bulls, 09% replacements and 82% feeders. Feeder supply 38% steers, 19% bulls, 43% heifers with 22% of feeders weighing over 600 lbs.

Tagged Post Topics Include: Economics, Market updates