Market Closes - February 22, 2017

Posted on Feb 22, 2017

Corn and soybean futures were little changed today on narrow trading ranges, while wheat gained mostly a nickel on short-covering tied to some weather concerns.  Technically, old-crop soybean futures are approaching key chart support at the 200-day moving average (March @ 10.18) after having closed lower for 4 straight days and losing around 40 cents/bushel. South American supplies should provide growing competition.

Live Cattle futures closed sharply higher on much stronger cash prices and boxed beef cutout values. Choice closed up 2.72 at 194.53; Select up 1.00 at 190.81.  The online Fed Cattle Exchange averaged $122/cwt today, up $3 from last week.  Feedlots sold cattle as high as $125, reportedly.  Feeder Cattle futures tested lower levels, but rallied back when Live Cattle futures shot higher.  However FC’s gains were small relative to LC.

Lean Hog futures closed sharply lower with the nearby April LH contract performing the worst. LH futures were pressured by cash hog price weakness and lower pork cutouts that only worsened later in the day. FOB Plant Pork crashed by 4.30 to 80.24 as belly’s value dropped about 13% to 153 and ham’s value fell 5%. This is much lower than the midday market of 83.06. LH futures gapped lower and kept losing value into the close.

Corn Mar +2 370; Jly +2 385; Dec +1 397 (395-99)

     New-crop Bean/Corn Ratio = 2.55

Bean Mar -3 1022; Jly -3 1043; Nov -1 1013 (1012-18)

  Meal -2 335

  Oil +5 3281

Wheat Mar +5 442; Jly +5 470 (464-72)

  KC +5 458; MGE +1 543

Oats unch 253

Rice +3 946

 

LC Feb +220 12130; Jun +47 10642; Aug +40 10232

FC Mar +55 12510; May +27 12465; Aug +47 12597

LH Apr -260 6775; Jun -180 7725; Aug -202 7712

Milk Feb -2 1685; Mar -19 1638

 

US$ -.1%

Dow +33 20776  - 9th straight record close

SP -3 2363

NAS -5 5861

Tran -83 9449

  VIX +.17 11.74

 

WTI -74 5359

Brent -51 5615

Gas +1 173

NG +1 270

HO -1 164

Eth unch 154

Gold -6 1233

Slvr -5 1795

 

2-yr -.010 1.220%

5-yr -.010 1.907%

10yr -.014 2.415%

30yr -.003 3.034%

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