Market Closes - February 16, 2016

Posted on Feb 16, 2016
CBOT futures closed moderately higher but not without substantial volatility through the trading day. Futures shot higher Monday evening following the 3-day weekend. This rally may have been on crude oil’s sharp rise Monday (energy futures did trade Monday) and last Friday’s CFTC report that showed the spec funds had increased their short positions significantly as of last Tuesday. So there may have been extra short-covering. However, as the crude oil market sank overnight, the CBOT was pressured through mid-morning before staging a late trading day rally to make the day’s closing prices near the day’s highs which were set around 1-3 a.m. CST. Soybean futures were supported by a strong weekly export inspections report covering last week. Traders are eager to see Chinese activity now that their holiday has ended. A disappointing NOPA Crush report weighed.

Cattle futures closed strongly higher with nearby contracts limit-UP. The strong rally seemed to follow the strength in the US equity markets that started late-morning. February LC discount to last week’s cash trade at $133+ encouraged buying. The boxed beef market was not supportive with Choice down 0.80 at 214.49; Select down 3.63 at 209.07.

Lean Hog futures closed slightly lower in very narrow trading ranges. The day’s highs occurred near the opening bell. FOB Plant Pork closed down .26 at 76.41 with loins down 2 percent. At midday, FOB Plant was down .76.

Corn Mar +4 363; Jly +3 372; Dec +4 385 Bean Mar +6 879; Jly +4 886; Nov +5 891 Meal Mar +2 264 Oil -18 3162 Wheat Mar +6 463; Jly +5 473 KC +5 450; MGE +6 491 Oats +3 199 Rice +6 1083

LC Feb +300 limit 13295; Apr +300 13212; Aug +262 11877 FC Mar +450 limit 15452; May +415 15297; Aug +415 15352 LH Apr -5 7032; Jun -47 7987; Aug -40 7837 Milk Feb -2 1385; Mar -17 1389

  US$ +.2% Dow +223 16196 SP +31 1896 NAS +98 4436 Tran +161 7210 VIX -1.29 24.11 -5%

WTI -32 2912 Brent -108 3231 Gas -7 97 NG -4 193 HO -4 103 Eth steady 138 Gold -38 1201 Slvr -53 1526

2-yr +.028 0.726% 5-yr +.024 1.223% 10yr +.035 1.781% 30yr +.047 2.649%

Kentucky Weekly Livestock Summary for the week of Feb 8-13 2016. Receipts This Week Last Week Last Year 11,962 25,809 17,393 Compared to last week, steer and heifer calves below 600 lbs sold unevenly steady with good demand for a good quality offering. Steer and heifer calves above 600 lbs were 2.00 to 5.00 lower with moderate demand. Yearlings sold fully steady based on a very light test. Slaughter cows and slaughter bulls sold unevenly steady with moderate supply and moderate to good demand. Snow, ice, and extreme cold were the story again this week, restricting the movement of cattle and affecting demand throughout the region.

In the feeder supply, steers made up approximately 47 percent and heifers approximately 38 percent. Steers and heifers over 600 lbs totaled approximately 53 percent.

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Tagged Post Topics Include: Economics, Market updates