Market Closes - April 27, 2017

Posted on Apr 27, 2017

CBOT futures closed steady to higher with wheat performing the best.  Traders are contemplating the main market factors of the wet weather and the huge short positions the funds hold in corn and wheat futures. Can the funds maintain their short if corn planting falls behind normal?  The President’s changing comments on NAFTA kept traders on their toes.

Live and Feeder cattle futures closed up the daily limits, so tomorrow the daily limits will be $4.50 in LC and $6.75 in FC.  Futures soared on a stronger cash cattle market and additional buying spurred on by technical considerations. With the April LC contract expiring, traders are looking at the June LC contract and see it at a large $14/cwt discount to the April and to this week’s cash market. Boxed beef was steady to higher.  Choice closed down 0.03 at 219.15; Select up 0.96 at 206.68.

Lean Hog futures closed strongly higher, marking the third day out of four this week with higher prices. LH futures were supported by higher cash hog prices and spillover from the limit-up cattle market. FOB Plant Pork closed up .18 at 73.65.  In contrast to Live Cattle, Lean Hog futures are at a sharp premium to the CME Hog Index, so the run in futures may need a pause.

Corn May +3 362; Jly +2 369; Dec +2 387 (383-89)

Bean May unch 946; Jly +1 957; Nov unch 954

  Meal +1 310

  Oil -21 3170

Wheat May +6 413; Jly +5 431 (425-33)

  July KC +8 434;  MGE +2 553

Oats +2 223

Rice -1 913

 

LC Apr +357 13560; Aug +300 limit 11777; Oct +300 11675

FC Limit UP  May +450 14657; Aug +450 15035; Oct +450 15002

LH May +222 6690; Jly +227 7402; Oct +130 6567

Milk May +16 1548; Jun +22 1558

 

US$ +.1%

Dow +6 20981

SP +1 2389

NAS +24 6049

Tran +26 9194

  VIX -.49  10.36

 

WTI -65 4897

Brent -27 5155

Gas -4 155

NG +10 314

HO -3 151

Eth unch 159

Gold -3 1262

Slvr -10 1726

 

2-yr -.016 1.262%

5-yr -.017 1.824%

10yr -.011 2.300%

30yr -.002 2.968%

Lexington, KY - Blue Grass Stockyards
Cattle Weekly Summary Report for the week ending 04/11/17
   Receipts:  1399   Last Week:  1518   Year Ago:  1285
Compared to last week steer calves sold steady to 3.00 higher with good demand.  Heifer calves sold steady to 5.00 higher with good demand.  Yearlings sold steady to 2.00 higher with good demand.  Slaughter cows sold steady and slaughter bulls sold steady to 2.00 lower with good demand.  Quality was good through attractive this week. 

Kentucky Farm Bureau Minute video  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here