Market Closes - December 13, 2016

Posted on Dec 13, 2016

CBOT futures closed steady to lower after trading both sides of unchanged. Soybean futures were quite volatile for the session which opened at 7 pm CST Monday. Soybean futures worked lower after mid-morning, closing just above the 20-day moving average line. Soybeans were pressured by both meal and soybean oil futures weakness. Large supplies of corn, beans and wheat are limiting buying interest, especially in corn and wheat which have seen good price increases since the December 1st lows. Traders are monitoring dry conditions in Argentina. Wheat finds support at times on short-covering in the face of extreme cold hitting wheat country.

Cattle futures closed higher and in the upper range. Buyers hit the market from the opening bell, adding to Monday’s strong closing action. Traders are optimistic about higher cash cattle prices this week with boxed beef values rising today. Choice jumped 2.17 higher to 191.73 and Select gained 1.39 to 175.34, with a CH/Sel spread of 16.39.  At midday, Choice was up 1.69.  The extreme cold should slow down weight gains in the feedlots.

Lean hog futures closed mixed with weakness in the Dec and Feb contracts and firm values in April and beyond contracts. Dec and Feb were pressured by their premium to the Lean Hog Cash Index around $55.50, and weaker cash hog prices and pork values. FOB Plant closed down .22 at 76.16 with weakness in ham and belly values.  The midday quote was down .84. However, today’s weakness comes after 7 straight days of higher closes in the December and February contracts. And LH futures have come a long, long way ($14-16) since the October lows.

Corn Mar unch 361; Jly unch 375

Bean Jan -3 1028; Jly -3 1053

  Meal -1 315

  Oil -19 3678

Wheat Mar unch 417; Jly unch 440

  KC unch 415; MGE +1 538

Oats +2 232

Rice -7 978

 

LC Dec +77 11112; Apr +102 11322; Jun +97 10377

FC Jan +42 12897; Apr +122 12535; Aug +82 12435

LH Dec -20 5717; Feb -42 6175; Jun +35 7685

Milk Dec +6 1723; Jan -13 1715

Deadline is December 16, 2016, for dairy producers to sign up for 2017 Margin Protection Program.

----------------

US$ +.1%

Dow +115 19911  - trade is shooting for the Dow 20000 landmark.

SP +15 2272

NAS +51 5464

Tran +23 9346

  VIX +.08 12.72

 

WTI -35 5248

Brent -39 5530

Gas -1 153

NG -3 348

HO -1 167

Eth -2 173

Gold -6 1160

Slvr -23 1696

 

The market expects the Federal Reserve to raise its key rate by 0.25 tomorrow. Fed Chair Yellen will hold a press conference at 2:30 pm EST.

2-yr +.025 1.166%

5-yr +.018 1.907%

10yr -.006 2.473%

30yr -.030 3.132%
 

Monsanto shareholders approved its merger with Bayer AG today.  The merger is still subject to government review in the US and the EU. The companies expect merger completion by the end of 2017.

Kentucky Farm Bureau Minute video  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here