Market Closes - February 6, 2017

Posted on Feb 6, 2017

CBOT futures closed mixed with corn and wheat futures closing near the day’s lows on late-day weakness. Soybean futures traded higher overnight, weakened late morning, and closed strongly into the close. Soybean futures were supported by wet conditions in Argentina, strong soybean export inspections and China returning from holiday. Corn followed soybeans higher but failed as the March Corn contract couldn’t sustain above the 200-day moving average.  Old-crop corn and soybean futures closed tonight between the 20-day and 200-day moving averages. Traders are anticipating Thursday’s USDA WASDE report.

Cattle futures closed little changed on a lack of market news in cash cattle markets and from a relatively stable boxed beef market. Choice down 0.17 at 191.23; Select up 0.72 at 190.65.

Lean Hog futures closed moderately higher on strength in cash hog prices and the pork cutout. Compared to the midday quote of 86.01, FOB Plant Pork closed up .67 at 85.13 on gains in the value of loin, butt and picnic cuts. Belly value was steady at 180 (last Tuesday, it was 171) Technically, the February LH contract traded to new contract highs and April LH broke above the January highs and may challenge the contract high at 72.70.

US government bond yields dropped markedly as the current political environment encouraged some “safe haven” investing.
 

Corn Mar -1 364; Jly -1 378; Dec -1 392 (390-96)

      New-crop Bean/Corn Ratio = 2.59

Bean Mar +9 1036; Jly +9 1055; Nov +7 1017 (1009-22)

  Meal +1 333

  Oil +58 3444

Wheat Mar -8 422; Jly -7 449 (448-58)

  KC -5 436; MGE -3 555

Oats +2 261

Rice -6 948

 

LC Feb -47 11642; Jun +17 10582; Aug +12 10150

FC Mar -5 12352; May +17 12255; Aug +45 12385

LH Feb +102 7135; Apr +97 7122; Jun +70 7910

Milk Feb -8 1679; Mar -30 1689

 

US$ +.1%

Dow -19 20052

SP -5 2293

NAS -3 5664

Tran -10 9232

  VIX +.38 11.35

 

WTI -82 5301

Brent -90 5591

Gas -4 151

NG -1 306

HO -3 164

Eth +1 154

Gold +11 1232

Slvr +21 1769

 

2-yr -.052 1.157%

5-yr -.078 1.855%

10yr -.074 2.417%

30yr -.056 3.058%

Kentucky Weekly Livestock Summary for the week of Jan 30-Feb 4, 2017
Receipts
This Week            Last Week         Last Year
  20,523               20,626            25,809
   Compared to last week feeder cattle were mostly steady to 5.00 lower; yearlings were mostly steady to 4.00 lower with the market weakening the latter part of last week. Demand was moderate to good throughout the week with some instances of lighter offerings due to spotty winter weather.  Slaughter cows and bulls were mostly steady to 3.00 higher.

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