Market Closes - February 3, 2016

Posted on Feb 4, 2016
Even on a day when the US Dollar collapsed (down 1.7%) and crude oil futures soared, CBOT futures were mostly lower on spec fund selling. Weighing on corn futures was a private forecast for higher Argentinean corn production. Increased rain in Argentina pressured corn and soybeans.

Cattle futures closed higher but well off the day’s highs, especially in Feeder Cattle which closed near the day’s lows. The nearby February LC contract found support from this week’s snow storm which should limit weight gains. February LC moved to a new high not seen since late December. Chart resistance is at $137.87. Choice up 0.10 at 222.57; Select up 0.39 at 218.02. Midday quotes were 222.12 and 218.05.

Lean Hog futures closed higher, recovering some of Tuesday’s sharp losses. Prices were supported from the winter storm, higher cattle futures and positive packer margins. The Pork cutout reversed a good part of yesterday’s gains. FOB Plant Pork ended down 1.14 at 77.23 on 4% weaker loin values. Midday quote was 77.24.

Corn Mar -1 371; Jly -1 381; Dec -1 393 (392-95) Bean Mar -9 877; Jly -9 886; Nov -8 889 (886-96) Meal -4 270 Oil -4 1113 Wheat Mar +5 480; Jly +3 488 (484-89) KC +3 468; MGE +5 500 Oats -4 196 Rice -4 1113

LC Feb +112 13685; Jun +35 12507; Aug +22 12122 FC Mar +10 15795; May +35 15665; Aug +40 15752 LH Feb +35 6455; Apr +57 6967; Jun +72 8052 Milk Feb -5 1385; Mar +9 1397

 

US$ -1.7% 97.19 Dow +183 16336 US equity market made a big turnaround from large losses in the morning. SP +10 1913 NAS -13 4504 Tran +71 6835 VIX -.33 21.65

WTI +240 3228 Brent +232 3504 Gas +1 101 NG +1 204 HO +7 108 Eth -2 141 Gold +14 1141 Slvr +44 1473

5-yr 1.271% 10yr 1.883% 30yr 2.710% Mount Sterling Auction Weighted Average Report for 02/03/2016 Receipts: 529 Last Week: 460 Year Ago: 642 Saturday: 286 Compared to last week steer calves sold 2.00 to 6.00 higher with some 400-500 lb 10.00 higher with good demand. Heifer calves sold steady to 5.00 higher with very good demand for 400-500 lbs. Average through good quality offering. Yearlings lightly tested. Slaughter cows and slaughter bulls sold 2.00 higher with good demand.

Tagged Post Topics Include: Economics, Market updates