Market Closes - February 3, 2015

Posted on Feb 3, 2015
It was a volatile day for several markets, both in and outside agriculture. The sharp drop in the US Dollar fueled the large moves in CBOT futures and energy futures. The price rallies fed on themselves as short-covering kicked in. Today’s prices closed at levels last seen 6-8 trading days ago. Wheat futures managed to close near the day’s highs; this may be due to Monday’s KS/TX/OK wheat crop condition reports that were a little disappointing. Also, note that the spec funds are short CBOT Wheat futures.

Late-morning losses in Live Cattle futures were erased by noon CT. Strong midday beef quotes and the most recent cash cattle prices near $159, or $5 premium to futures are supportive factors. Feeder cattle futures closed lower but closed more than $3 above the morning lows. The big CBOT rally probably limited the rebound in feeder futures today. Feeder Cattle futures now have double-bottom chart formations that could slow down the selling or encourage short-covering. March FC lost $25.00 from the early January high. Boxed beef closed mixed with Choice up .50 to 243.11 and Select down .46 to 235.14.

Lean Hog futures closed mixed with the nearby February LH contract posting a nice gain. The cattle futures recovery and the widespread commodity price rally likely encouraged short-covering in hogs. Despite the strong showing in February LH futures, the pork cutout fell sharply – down 2.23 to 76.25 on large losses in values of butt, picnic and belly cuts. Late-afternoon hog futures were lower than the quotes shown above for the pit-close.

Corn Mar +16 386 (370-88); Jly +15 401; Dec +15 416 Bean Mar +27 987 (960-99); Jly +26 998; Nov +21 966 Meal Mar +13 341 (328-45); Oct +9 321 OIL +39 3080 (3026-3120) Wheat Mar +21 514; Jly +20 522 (502-23) KC +24 559; MGE +22 576 Oats Mar +11 280 Rice +8 1038

LC Feb +55 15375; Apr +97 15057; Oct +17 14497 FC Mar -120 19950; May -117 20045; Aug -22 20327 LH Feb +87 6720; Apr -5 7087; Jun -50 8262 Milk Feb +6 1592; Mar +13 1578

US$ -1%

Dow +305 17666 SP +29 2050 NAS +51 4728 Tran +128 8902 VIX -2.10 17.33 -11%

WTI +216 5173 (hi 5424) Brent +224 5699 Gas +3 157 (hi 162) NG +8 276 HO +7 183 Eth +5 145 (hi 147) Gold -17 1259 Slvr +4 1729

2-yr +.044 0.512% 5-yr +.107 1.292% 10yr +.124 1.797% 30yr +.130 2.384%

Lexington, KY - Blue Grass Stockyards Cattle Report for 02/03/2015 Receipts: 674 Last Tuesday: 629 Year Ago: 914 Compared to yesterday steer calves sold mostly steady with moderate demand except 400-500 lbs sold 5.00 higher with good demand. Heifer calves sold steady to 2.00 higher with moderate demand. Yearling steers and heifers limited comparison however yearling steers sold about steady with last week with moderate demand. Slaughter cows sold steady to weak with good demand. Slaughter bulls sold steady with good demand. Total supply included 07% slaughter cows, 01% slaughter bulls, less than 01% replacements and 92% feeders. Feeder supply 57% steers, 18% bulls, 25% heifers with 61% of feeders weighing over 600 lbs.

KENTUCKY CASH GRAIN PRICES Click Here 

KENTUCKY LIVESTOCK AUCTIONS --  Click Here 

Subscribe to “Between the Rows” e-newsletter from the KFB Commodity Division by Clicking Here.

Tagged Post Topics Include: Economics, Market updates