Market Closes - February 5, 2014

Posted on Feb 6, 2014
CBOT futures were mostly higher with minimal price changes. Not much news to drive prices today, but the weekly Export Sales report will be out in the morning. Traders also have an eye on next Monday’s USDA Supply-Demand Report which will update USDA’s foreign production forecasts and the resulting ending stocks levels for the US and the World.  South American weather is mixed so traders are analyzing if it’s adding or cutting bushels.

March Soybean is approaching downtrend line resistance with additional resistance at 13.31 and 13.39.

Cattle futures closed narrowly mixed even though beef values were weak and fed cattle prices are expected to be lower this week.  Boxed beef values fell sharply with Choice down 3.85 to 216.64 and Select down 2.58 to $216.63/cwt.

Lean Hog futures closed sharply higher as it appears that retail demand has moved from beef to pork.  Deferred LH contracts garnered support from fears PED virus has trimmed the pig crop and by recent news that Russia will restart pork imports from the US after about a year out of the market. The FOB Plant Pork Cutout dropped only 9 cents to $91.43/cwt.

Corn Mar +1 443; Jly -.5 452; Dec -2 457 Bean Mar +3 1316; Jly +1 1281; Nov +2 1112 Meal Mar -5 442; Oct -1 349 Oil +52 3823 Wheat Mar +3 587; Jly +3 593 KC +5 651;  MGE +6 629 Oats +19 443 Rice -4 1532

LC Feb +10 13970; Jun +12 13110; Oct unch 13290 FC Mar -5 16692; Apr +15 16765; Aug +30 17032 LH Feb +122 8645; Apr +187 9500; Jun +165 10540 Milk Feb +31 2315; Mar +33 2085

US$ -.1%

Dow -5 15440 SP -4 1752 NAS -20 4012 Tran -59 7076 VIX +.84 19.95

WTI +13 9732 Brent +40 10618 Gas +4 264 NG -22 515 HO +1 299 Eth +1 189

Gold +6 1257 Slvr +45 1987

2-yr unch 0.32% 5-yr +.02 1.495% 10yr +.04 2.67% 30yr +.05 3.65%

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Tagged Post Topics Include: Economics, Market updates