Market Closes - February 27, 2017

Posted on Feb 27, 2017

CBOT futures closed lower with corn and wheat settling near the day’s lows. Soybean futures rallied after noon to finish mid-range. Markets were pressured by the advancing soybean harvest in Brazil and weaker export basis. Export shipments reported for last week for corn and soybeans were strong but apparently didn’t matter. Technically, old-crop corn futures and March Soybeans are stuck below the 200-day moving average.

Cattle futures closed strongly higher with the February LC contract surging to catch up with last week’s cash trade at $124-125/cwt. With boxed beef up sharply today, traders may be anticipating another cash market advance. Choice up 2.52 at 201.48; Select up 1.60 at 197.08. Feeder Cattle futures only partially erased last Friday’s huge losses of $3.50/cwt. Today’s market recovery was due in part to Friday afternoon’s Cattle on Feed Report being in line with market expectations.

Lean Hog futures closed narrowly mixed after testing higher levels. But weaker cash hog prices and pork values weighed on the market. FOB Plant Pork closed down 1.46 at 80.45 as bellies fell 13.31 to 148.71 and loins gained 1.81 to 79.38.  Midday, the market was down only .75.
 

Corn Mar -4 361; Jly -2 376; Dec -2 389 (388-93)

Bean Mar -2 1013; Jly -2 1033; Nov -1 1007 (1001-11)

  Meal unch 331

  Oil -4 3235

Wheat Mar -12 419; Jly -9 453 (453-62)

  KC -10 444; MGE -10 535

Oats -2 249

Rice -7 935
 

LC Feb +162 12537; Jun +77 10562; Aug +87 10120

FC Mar +215 12385; May +202 12310; Aug +217 12482

LH Apr +10 6812; Jun -17 7765; Aug +15 7785

Milk Mar -10 1617; Apr -33 1599

US$ unch

Dow +16 20837

SP +2 2370

NAS +17 5862

Tran +53 9474

  VIX +.62 12.09  +5.4%

 

WTI +6 5405

Brent -13 5586

Gas +1 174

NG unch 269

HO unch 165

Eth unch 153

Gold unch 1259

Slvr +1 1835
 

2-yr +.055 1.200%

5-yr +.064 1.867%

10yr +.050 2.367%

30yr +.031 2.984%

Kentucky Weekly Livestock Summary for the week of Feb 20-Feb 25, 2017
Receipts
This Week            Last Week         Last Year
20,802                17,840            21,597
   Compared to last week, steer calves below 600 lbs sold 3.00 to 6.00 higher, above 600 lbs sold steady to 3.00 higher.  Heifer calves below 500 lbs were 3.00 to 5.00 higher with some exceptions sharply higher and above 600 lbs steady to 3.00 higher. Demand was moderate to good for a good through  attractive quality offering. Yearlings sold mostly 2.00 to 5.00 lower with moderate demand.  Slaughter cows sold steady to 2.00 higher with good demand and slaughter bulls sold steady with good demand.                                                                          

In the feeder supply, steers made up approximately 40 percent and heifers approximately 41 percent. Feeder cattle over 600 lbs totaled approximately 43 percent.  

Kentucky Farm Bureau Minute video  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here