Market Closes - December 6, 2016

Posted on Dec 6, 2016

CBOT futures closed mixed again today with minimal price changes. Futures climbed through the morning on good corn/bean export news, but began their sell-off about 11:15 CT. This resulted in mid-range closing prices in corn and soybeans, but wheat ended near the day’s lows on weakness into the closing bell. Technically, corn traded above the chart downtrend, but closed below it. Soybean futures challenged the fall 2016 high posted last Monday, but closed well below it as traders booked profits. Wheat futures were pressured in part by a higher-than-expected Canadian wheat production estimate.  Weaker crude oil prices and a stronger US dollar also weighed on markets.  The extreme Artic cold sweeping the USA this week will keep wheat traders alert for winter kill, although that’s not likely.  

Cattle futures traded lower for the first 30 minutes of trading but then trended higher the rest of the trading day; this resulted in very strong closes and the high end of the trading range.  Futures were supported by fund buying given the December LC contract’s sharp discount to this week’s early trades at $112/cwt in Kansas. Boxed beef was firm at midday, but closed weaker. Choice 1-3 600-900 lbs carcasses dn 0.88 at 190.51; Select 1-3 600-900 lbs carcasses unchanged at 173.23. The Fed Cattle Exchange will trade cash fed cattle online tomorrow.

Lean Hog futures gapped higher at the opening and never looked back, resulting in sharply higher closes near the day’s highs. Buying was spurred by stronger cash hog prices which USDA reported at $49.52, up $1.99 from Monday. A stronger pork market was also supportive -- FOB Plant Pork closed up .45 at 74.51, compared to 74.97 at midday. Pork packer margins are very strong, so they are competing for hogs.

Corn Mar +1 360; Jly +1 374

Bean Jan +4 1048; Jly +5 1070

  Meal +2 322

 Oil +15 3782

Wheat Mar -1 407; Jly -1 432

  KC -3 405; MGE -1 534

Oats +5 218

Rice -2 996

 

LC Dec +202 10985; Apr +205 11102; Jun +145 10200

FC Jan +252 12685; Apr +237 12345; Aug +245 12325

LH Dec +187 5337; Feb +267 5747; Jun +202 7472

Milk Dec -4 1699; Jan -20 1655

US$ +.3%  100.46

Dow +36 19252  - a new RECORD HIGH

SP +8 2212

NAS +24 5333

Tran +59 9140

  VIX -.39  11.75

 

WTI -88 5091

Brent -98 5396

Gas -2 154

NG -2 363

HO -2 164

Eth +2 160

Gold -6 1170

Slvr -12 1678

 

2-yr -.004 1.120%

5-yr -.008 1.836%

10yr +.002 2.389%

30yr +.021 3.076%
 

BETWEEN THE ROWS e-newsletter – November 30, 2016  - Click Here

Kentucky Farm Bureau Minute video  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here