Market Closes - February 23, 2017

Posted on Feb 23, 2017

CBOT futures closed mostly lower with corn posting the largest percentage losses. Old-crop soybean futures fell through the 200-day moving average support I mentioned yesterday. The 70-cent rally off the January 12 lows is gone. Futures were pressured by generally favorable conditions in South America which has a huge soybean crop to move, as well as a 30% larger corn crop than last year that will double corn exports to 28 MMT. Corn price was weighed down by a drop in last week’s ethanol production as ethanol stocks rose. The weekly Export Sales Report comes out Friday morning due to Presidents Day earlier this week.

Live Cattle futures were higher led by the nearby February LC contract. February LC was supported by yesterday’s strong move higher in cash cattle prices and in boxed beef. Today, Choice beef ended up 1.66 at 196.19; Select up 2.02 at 192.83. 

Feeder Cattle futures finished mixed as the deferred LC futures were little changed.  Tomorrow’s USDA Cattle on Feed Report is expected to show February 1st on-feed numbers at 100.6% of a year earlier. Both January placements and marketings are expected to be up more than 10% from January 2016.

With follow-through selling from yesterday’s sharp losses, lean hog futures closed lower, led by the nearby February LH contract. Losses may have been limited by a bounce back in the Pork Cutout value and by futures large discount to the Cash Index. FOB Plant Pork was up 2.19 at midday. However, the afternoon quote was up only .02.  April Lean Hogs hit a new low for 2017. Packing plants are handling more hogs this week than last.
 

Corn Mar -5 365; Jly -6 380; Dec -5 392 (391-98)

Bean Mar -11 1011; Jly -11 1031; Nov -9 1004 (1003-17)

    Meal -4 331

    Oil -40 3232

Wheat Mar -3 438; Jly -3 467 (465-73)

    KC unch 458; MGE +1 544

Oats unch 253

Rice +1 947

 

LC Feb +177 12307; Jun +35 10677; Aug +17 10250

FC Mar +5 12515; May unch 12465; Aug -37 12560

LH Apr -117 6657; Jun -62 7662; Aug -55 7657

Milk Mar +14 1652; Apr +13 1671

 

US$ -.4%  100.96 

Dow +35 20810   10th straight RECORD Close.

SP +1 2364

NAS -25 5836

Tran -113 9336

 VIX +.02 11.76%

 

WTI +77 5436

Brent +60 5644

Gas +1 174

NG +5 275

HO +2 166

Eth -1 153

Gold +17 1250

Slvr +22 1817

2-yr -.036 1.188%

5-yr -.056 1.863%

10yr -.042 2.376%

30yr -.023 3.013%

Lexington, KY - Blue Grass Stockyards
Cattle Weekly Summary Report for the week ending 02/21/17

Receipts:  1886   Last Week:  1289   Year Ago:  1984
      Compared to last week light to middleweight steer calves sold 5.00 to 10.00 higher with very good demand. Heifer calves sold 3.00 to 7.00 higher with very good demand.  Quality was good through attractive with several packages of good quality weaned calves.  Some farmer participation noted in the market this week.  Near record high temperatures increased demand for weaned calves headed for grass.  Yearling steers and heifers sold steady to 3.00 lower with moderate demand.  Slaughter cows sold steady to 2.00 higher with good demand and slaughter bulls sold steady with good demand.

Kentucky Farm Bureau Minute video  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here