Market Closes - February 25, 2016

Posted on Feb 25, 2016
Corn, soy complex futures closed lower on fund selling spurred on by negative fundamentals (plentiful supplies) and weak technicals and chart patterns. Corn futures broke below support at the February lows. Soybean futures fell to near support levels and the bottom of the trading range seen since mid-January. And March Soybean Meal closed at a new contract low price. Wheat futures closed slightly higher on short-covering after these contracts set new contract lows yesterday and also broke below the downtrend support line on the weekly continuation chart going back to 2014 lows.

Cattle futures closed higher on expectations for stronger cash slaughter prices this week and firmer boxed beef values. Choice up 1.04 at 218.76; Select up 0.26 at 213.98. The February LC contract traded above the Dec/Jan/Feb highs and closed at the highest point since early November.

Lean Hog futures closed down slightly on profit-taking after an early morning rally failed. However, futures remain very close to the February highs. FOB Plant Pork dropped .76 to 74.22 as every primal was lower. At midday, this cutout value was up .29.

The total meat and poultry in cold storage on January 31 was the largest January stocks figure on record.

Corn Mar -4 355; Jly -4 366; Dec -4 380 Bean Mar -8 859; JLy -7 872; Nov -6 877 Meal -3 260 Oil -27 3065 Wheat Mar +2 445; Jly +2 462 KC +3 446; MGE +1 486 Oats -7 170 Rice -22 1043

LC Feb +77 13775; Jun +62 12590; Aug +15 12147 FC Mar +115 15910; May +137 15750; Aug +100 15647 LH Apr -27 7120; Jun -32 8060; Aug -27 7950 Milk Feb -1 1380; Mar +16 1355

US$ -.1% Dow +212 16697 SP +22 1952 NAS +40 4582 Tran +79 7370 VIX -1.61 19.11

WTI +93 3308 Brent +72 3513 Gas +5 106 NG -7 171 HO +1 107 Eth -2 139 Gold steady 1238 Slvr -13 1517

2-yr -.020 0.730% 5-yr -.042 1.167% 10yr -.028 1.714% 30yr -.003 2.596%

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Tagged Post Topics Include: Economics, Market updates