Market Closes - February 24, 2014

Posted on Feb 24, 2014

Except for Soybean Oil futures, CBOT futures all closed near the day’s highs with higher prices posted except in Mar/May/July Corn contracts.  Markets generally continued to trade off the fundamentals appearing at the end of last week.  Old-crop soybean futures broke above the early fall 2013 highs and are approaching the contract highs set in the fall of 2012. The spec funds are very long soybean futures and appear to be adding to that position.  Beware of the funds turning sellers as they did in January -- they pushed soybean futures down 70 cents to test key chart support.  Soybeans and meal are supported by strong cash demand, little sign of China switching purchases to Brazil and private estimates of a declining crop estimate for South America (even though it should still be a new record large crop).

Cattle futures closed mixed.  The nearby February Live Cattle contract rallied on strong boxed beef values today.  Choice carcasses up 2.07 at 215.82; Select up 1.79 at 212.67/cwt.   The negative Cattle on Feed report from Friday weighed on the deferred contracts.

Lean Hog futures closed little changed.  The nearby April LH contract moved toward the $1.00/lb level but backed away to close lower.  Traders may take another run at it tomorrow since pork values rose today.  The FOB Plant Pork Cutout up 1.29 to 99.32/cwt.

KFB 2014 Farm Chemical Price List  Click HERE   Ordering deadline is Friday, February 28

Corn Mar -1 451; Jly -1 462; Dec +1 465 Bean Mar +16 1386; Jly +13 1358; Nov +6 1160 Meal Mar +10 466; Oct +3 363 Oil -20 4075 Wheat Mar +8 618; Jly +12 621 KC +6 689;  MGE -1 663 Oats +17 483 Rice +33 1604

LC Feb +60 14515; Apr -22 14122; Oct -7 13432 FC Mar -50 17020; Apr +42 17162; Aug +15 17415 LH Apr -10 9925; Jun +10 10812; Oct +10 9215 Milk Feb +1 2320; Mar +39 2218

US$ -.1%

Dow +104 16207  (hi 16300) SP +11 1848 (hi 1859) NAS +30 4293 (hi 4311) Tran +32 7341 (hi 7415) VIX -.45 14.23

Wti +65 10285 Brent +86 11071 Gas unch 283.5 NG -66 547  -11% HO unch 310 Eth +7 214

Gold +13 1337 Slvr +18 2196

2-yr 0.32%  unch 5-yr 1.55%  +.01 10yr 2.74%  +.01 30yr 3.70%  unch

Livestock Market, Paris, KY   (cattle weighed at time of sale) Cattle Receipts:  1685 Last Week:  1363 Last Year:  876 Compared to last week, Steers were steady to 2.00 higher and Heifers steady.  Slaughter Cows sold steady to 1.00 lower and Slaughter Bulls steady.

Feeder Steers:  Medium and Large 1-2  200-300 lbs 221.00-227.50; 300-400 lbs 206.00-212.00, some 222.00-228.00; 400-500 lbs 200.00-219.00; 500-600 lbs 190.00-204.00; 600-700 lbs 173.00-187.00, few 189.00-190.00; 700-800 lbs 164.00-175.00 including 31 head (mostly black) 746 lbs 168.50; 800-900 lbs 153.00- 159.00.  Medium and Large 2  300-400 lbs 189.00-193.00; 400-500 lbs 181.00- 196.00; 500-600 lbs 180.00-188.00; 600-700 lbs 163.00-172.00; 700-800 lbs 153.00-161.00.

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here

 

 

Tagged Post Topics Include: Economics, Market updates