Market Closes - December 15, 2015

Posted on Dec 15, 2015
CBOT futures closed mostly lower with corn and soybeans ending near the day’s lows. The NOPA Crush report for November came in below expectations and January Soybean Meal futures hit new contract lows (just barely above last week’s lows set by the December soymeal contract). CBOT futures sold off in the last 15 minutes of trading. The US Dollar was stronger today and weighed on the market. The FOMC interest rate decision to be announced at 2 pm EST could affect the Dollar’s value short-term. If the interest rate is not raised, the Dollar should weaken which is export-friendly.

Cattle futures closed mixed and well off the day’s highs which were set around 11 am CST – cattle rallied during the morning and then weakened into the 1 pm close and late-day trading. Feeder Cattle opened trading at new contract lows following the limit-down levels hit Monday. Boxed beef values were down on the day -- Choice down 1.57 at 197.21; Select up 0.08 at 186.81. If Congress acts on COOL to remove the threat of Canada/Mexico imposing tariffs on US meat products, futures may see support.

Lean Hog futures closed steady to lower (front-month February contract). February may have been pressured by weak pork values and its premium to the cash hog market. FOB Plant Pork ended UP .63 at 75.24 as belly value jumped 3% and picnics rose over 4%; hams dropped about 3%. At midday, FOB Plant was down .45. Technically, the February LH contract is in an uptrend off the mid-November low. Chart resistance is 61.60-61.75.

Corn Mar -2 377 (376-79); Jly -2 387; Dec -1 398 Bean Jan -7 867 (866-77); Jly -8 880; Nov -7 884 Meal -4 272 Oil -42 3070 Wheat Mar +1 494; Jly +1 505 KC +4 492; MGE +2 513 Oats -5 228 Rice -8 1090

LC Dec +7 11960 (11830-12187) $3.57 range Feb +55 12495; Jun +7 11732 FC Jan -10 14805 (14637-15040) $4.03 range Apr -22 14707; Aug -77 14900 LH Feb -117 5895; Apr -25 6417; Jun unch 7610 Milk Dec unch 1458; Jan -6 1367

 

US$+.5% Dow +156 17525 SP + 21 2043 NAS +43 4995 Tran +62 7551 VIX -1.78 20.95 -7.8%

WTI +43 3674 Brent +12 3804 Gas -1 124 NG -9 181 HO +1 114 Eth -1 144 Gold -3 1062 Slvr -3 1363

2-yr +.012 0.968% 5-yr +.045 1.696% 10yr +.043 2.268% 30yr +.030 2.992%

Lexington Auction (Tues) Weighted Average Report for 12/15/2015 Receipts: 1226 Last Week: 2239 Year Ago: 1210 Compared to yesterday steer calves sold steady early and 2.00 higher for 400-600 lbs late morning following some positive gains in the CME feeder cattle futures for the first time in recent weeks. Heifer calves sold mostly steady except 600-700 lbs 5.00 higher on good quality offerings due to some farmer participation in the market. Quality was average through attractive. Slaughter cows sold 2.00 lower with very light demand and slaughter bulls sold weak with light demand.

09 replacement cattle, 69 slaughter cattle, and 1148 feeder cattle. Today's supply included 80.5 percent that weighed over 600 lbs. 68.4 percent steers and 5.9 percent bull calves 0 percent Holstein Steers and 19.7 percent heifers of total recorded feeder supply. 50 head of slaughter cows with 92 percent going to slaughter.  19 head of slaughter bulls with 100 percent going to slaughter.

Tagged Post Topics Include: Economics, Market updates