Market Closes - April 3, 2017

Posted on Apr 3, 2017

CBOT futures closed mixed with prices continuing to react to Friday’s USDA reports on grain stocks and prospective plantings.  The reports were generally negative for soybeans and positive for corn.  Corn rallied on short-covering and is now above the key 200-day moving averages after recovering 50% of the losses chalked up during March. Soybean futures have moved to new lows for this 2017 down move.  Old-crop soybean futures are now at critical support levels marked by the early-August lows. Wheat futures tried to move higher in follow-through to Friday’s bullish price action, but heavy selling at the closing bell pushed prices to near-unchanged. Recent rainfall in the southern Plains will benefit wheat. The spec funds are large shorts in wheat and corn and are now building a short position in soybean futures.  

Cattle futures closed lower with traders believing the cash market will continue to move lower; this was supported by a weaker boxed beef market.  Choice closed down 0.69 at 213.43; Select down 2.65 at 201.35.  USDA reported last week’s 5-Market average live price  at $127.88, down $3 from the week before. Packer margins have eroded as well.

Lean Hog futures closed sharply lower and at/near the day’s lows on technical selling following a failed morning rally. Weak cash hog prices and lower cattle futures weighed on the market. FOB Plant Pork gained .49 to 75.89.

Corn May +3 368; Jly +3 375; Dec +4 392 (389-95)

Bean May -8 938; Jly -8 949; Nov -4 950 (949-58)

  Meal -1 308

  Oil -36 3142

Wheat May +1 428; Jly +1 440 (439-46)

  Jly KC -1 432; MGE -4 538

Oats +1 225

Rice +17 1007

 

LC Apr -52 11942; Aug +5 10680; Oct unch 10662

FC Apr -87 13307; Aug -40 13335; Oct +30 13210

LH Apr -87 6480; Jun -120 7265; Aug -100 7275

Milk Apr +21 1552; May +8 1583

US$ -.1%  100.49

Dow -13 20650

SP -4 2359

NAS -17 5895

Tran -30 9086

  VIX +.01 12.38

WTI -36 5024

Brent -44 5309

Gas -1 169

NG -6 313

HO -1 156

Eth +2 163

Gold +3 1251

Slvr -4 1821

2-yr -.028 1.230%

5-yr -.069 1.859%

10yr -.067 2.328%

30yr -.057 2.960%

 

Lexington Auction Weighted Average Report for 04/03/2017
Receipts:  888    Last Week:  952
**Lexington Monday sale held at Mt. Sterling yards while new yards is under construction**

    Compared to last Monday middleweight steers sold 2.00 to 3.00 lower with moderate demand. Heifers sold steady with good demand.  Softer undertone in the marketplace on calves partly due to decline in calf quality that ranged from plain through good today.  Good quality thin-flesh offerings trading near steady.  Fleshy offerings trading lower.  Slaughter cows and slaughter bulls sold steady with good demand.

Kentucky Farm Bureau Minute video  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here