Market closes - February 18, 2015

Posted on Feb 18, 2015
CBOT futures closed sharply lower on a lack of bullish news. Outside markets set a negative tone early as the US dollar rallied and crude oil futures dropped. Farmers reportedly increased selling this week on the higher markets. South American crops are large and Brazil’s soybean harvest should be accelerating. U.S. soybean export business will be slow for a few days while China celebrates its Lunar New Year. Wheat was pressured by Egypt cancelling its tender for US wheat.

Cattle futures closed higher, recovering part of Tuesday’s losses. Continued strength in boxed beef values and ideas that cash cattle could trade steady to higher appeared to support futures. Choice beef closed up .66 to 239.78 and Select up 2.65 to 235.85.

Lean Hog futures closed higher when the pits closed and saw more gains in the afternoon electronic trade. Prices were quite volatile during the morning trade. Futures firmed even as the pork market ended steady. FOB Plant Pork ended at 72.44, up .05. Buying may have been encouraged by the rally in cattle futures and by a 5th day of LH futures not trending lower.

The minutes of the January FOMC meeting indicated that the Fed won’t raise interest rates until at least the second half of 2015. Treasury yields dropped after the 2 pm news. The US Dollar also dropped sharply on this news.

Corn Mar -6 384; Jly -6 399; Dec -6 414 Bean Mar -12 996 (991-1012); Jly -13 1004; Nov -10 976 Meal Mar -4 339; Oct -3 321 Oil -31 3201 Wheat Mar -7 528; Jly -9 526 (low 523) KC -14 548; MGE -7 582 Oats -4 274 Rice +19 1087

LC Feb +57 15917; Apr +190 15262; Oct +65 14517 FC Mar +165 20310; May +127 20135; Aug +110 20395 LH Apr +22 6422; Jun +87 7925; Oct -20 6872 Milk Mar -5 1608; Apr +20 1598

US$ steady

Dow -18 18030 SP -1 2100 NAS +7 4906 Tran +36 9081 VIX -.35 15.45

WTI -304 5049 Brent -317 5936 Gas -3 156 NG +5 281 HO -4 194 Eth -1 144 Gold +5 1213 Slvr +10 1647

2-yr -.069 0.605% 5-yr -.092 1.526% 10yr -.061 2.082% 30yr -.030 2.709%

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Tagged Post Topics Include: Economics, Market updates