Market Closes - December 29, 2015

Posted on Dec 29, 2015
CBOT futures closed from near steady in corn to strongly higher for wheat. Futures sold off when markets opened at 830 am CT but corn/wheat initiated a rally mid-morning that carried into the close so the settlements are near the daily highs. Soybean futures eventually followed corn/wheat higher but only managed mid-range closes. Soybeans were held back by the soymeal market. Corn futures hit a new contract low before the rally. Given the short positions of speculators in W/C/S futures, short-covering rallies can pop up anytime if concerns grow on such things as excessive or minimal rainfall, or the potential for winterkill in the US or Europe/Russia. South American weather is probably the most important overall.

Cattle futures closed slightly lower in a relatively calm, narrow-range trading day. Boxed beef values again moved sharply higher today which should help lift the cash price paid at the feedlot by Thursday. Choice carcasses ended up 5.08 at 206.17; Select up 4.46 at 197.66. The midday quotes were up 4.70 and 3.18, respectively.

Lean Hog futures closed little changed and traded narrowly inside Monday’s trading ranges. The pork market was near steady in total but various cuts saw strong value moves. FOB Plant Pork ended up .26 at 70.76, same as the noon report. A six percent gain in loin’s value offset losses in bellies, hams and picnics. Cash hog prices were weaker. Futures’ premium to cash prices may limit upside potential.

Last week’s Hogs and Pigs Report showed that productivity continues to climb higher as measured by pigs/litter. The Sep/Nov quarter had 10.53 pigs/litter, up 2.9% from a year ago and is the largest quarterly estimate in history.

Corn Mar +1 362; Jly +1 375; Dec +1 387 Bean Jan +5 870; Jly +5 879; Nov +6 885 Meal +1 268 Oil +32 3052 Wheat Mar +9 476; Jly +8 489 KC +7 473; MGE +6 497 Oats -3 220 Rice +60 1166 +5.5%

LC Dec -65 13020; Apr -70 13667; Aug +20 12262 FC Jan -17 16247; Apr -47 15940; Aug -30 16212 LH Feb +2 5915; Apr -17 6587; Jun -35 7820 Milk Jan -13 1356; Feb -12 1373

 

US$ +.2% Dow +193 17721 SP +22 2078 NAS +67 5108 Tran +53 7620 VIX -.83 16.08 -4.9%

WTI +52 3733 Brent +70 3732 Gas +3 126 NG +14 237 +6.5% HO +3 112 Eth +1 140 Gold +9 1080 Slvr +15 1402

2-yr +.036 1.095% 5-yr +.071 1.786% 10yr +.082 2.307% 30yr +.097 3.037%

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Tagged Post Topics Include: Economics, Market updates