Market Closes - February 2, 2017

Posted on Feb 2, 2017

CBOT futures closed mostly little changed, but new-crop soybeans rallied into the closing “bell”. The morning Export Sales report was generally positive. Corn and Soybean futures face some overhead technical resistance based on chart resistance and moving averages. Anticipation of South American supplies also keeps buyers in check. Dryness in the Southern Plains offers support to KC wheat. This week’s Drought Monitor shows the drought areas across Oklahoma and western KS.

Cattle futures closed higher, finally interrupting the recent downtrend. However, futures remain below the very important chart gaps created Monday following Friday’s bearish Cattle on Feed Report. Yesterday’s cash trade at $118-119 and midday strength in boxed beef supported the market. However, Choice carcasses ended the day down 0.74 at 193.01; Select down 0.23 at 190.62.   At midday, Choice was up .40.

Lean Hog futures closed higher with the February LH contract leading the way and hitting new contract highs. Strong packer margins and higher pork cutouts supported the market. Compared to a midday quote of 83.99, FOB Plant Pork closed UP .59 at 83.50 as bellies jumped 2.5%.  Media reports talk about the low supplies of bellies for bacon.
 

Corn Mar -1 367; Jly -1 382; Dec -2 394 (394-97)

Bean Mar unch 1037; Jly +1 1055; Nov +6 1018 (1010-20)

  Meal -2 334

  Oil +28 3459

Wheat Mar +1 434; Jly +1 461 (455-63)

  KC +3 443; MGE +5 561

Oats +4 255

Rice unch 953

 

LC Feb +130 11687; Jun +130 10552; Aug +117 10140

FC Mar +167 12375; May +187 12250; Aug +182 12347

LH Feb +92 7035; Apr +47 6957; Jun +17 7785

Milk Feb +26 1700; Mar +25 1740
 

US$ +.1%

Dow -6 19885

SP +1 2281

NAS -6 5636

Tran -68 9103

 VIX +.10 11.91

 

WTI -34 5354

Brent -1 5679

Gas -5 154

NG +2 319

HO -2 166

Eth unch 151

Gold +11 1219

Slvr -2 1743

 

2-yr -.003 1.209%

5-yr -.002 1.924%

10yr +.002 2.476%

30yr +.006 3.087%

 

Lexington, KY - Blue Grass Stockyards
   Cattle Weekly Summary Report for the week ending 01/31/17
Receipts:  943   Last Week:  1487   Year Ago:  1064
   Compared to last week steer and heifer calves sold 2.00 to 5.00 lower with moderate demand. Quality was good through attractive.  Yearlings traded 2.00 to 5.00 lower with light demand.  The market’s downward trend resulted from last Friday’s bearish cattle on feed report combined with Monday’s cattle inventory report reflecting higher than anticipated replacement heifer retention.  Slaughter cows sold steady to 1.00 higher and slaughter bulls sold 2.00 to 3.00 higher with good demand.

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