Market Closes - January 10, 2018
Posted on Jan 10, 2018At the close, CBOT futures followed yesterday’s pattern with soybeans losing ground, while wheat jumped higher. The fundamentals are basically stable – huge supplies, weak exports, and a big soybean crop expected in South America. Old-crop soybeans also faced pressure from technical selling as prices moved to new lows not seen since August. In addition, the big speculative funds are short all three commodities, expecting lower prices. If and when a bullish factor arrives, these big short positions should provide fuel for a nice rally (but from what market level?). USDA reports released on Friday.
Cattle futures closed moderately lower and near the day’s lows. Futures traded higher after the open but spent the day moving lower. The weakness seemed to be related to concerns about the beef market and cash prices given the large number of cattle in the feedlot. Choice carcasses down 0.43 at 210.06; Select down 0.46 at 203.23. Trade reports indicate cattle mostly traded $120/cwt.
Lean Hog futures closed mixed with the nearby contracts moving lower. The weakness occurred despite cash hog price gains well over a dollar/cwt. The premium of February LH futures to cash hog price remains substantial. FOB Plant Pork ended down .08 at 79.45.
Corn Mar unch 349 (348-50); Jly unch 365; Dec unch 383
Bean Mar -9 955 (952-63); Jly -8 975; Nov -9 973
Meal -2 316
Oil -25 3345
Wheat Mar +2 434; Jly +3 460 (457-61)
KC +1 440; MGE +3 634
Oats +2 251
Rice -4 1190
LC Feb -80 11687; Apr -85 11867; Jun -90 11077
FC Jan -110 14437; Apr -32 14235; Aug -85 14495
LH Feb -65 7252; Apr -100 7577; Jun +15 8555
Milk Jan +3 1383; Feb -2 1316
US$ -.2% 92.35
Dow -17 25369
SP -3 2748
NAS -10 7154
Tran +12 11030
VIX -.26 9.82
WTI +51 6347
Brent +28 6910
Gas unch 183
NG -1 291
HO +1 208
Eth unch 132
Gold +3 1317
Slvr -2 1699
2-yr +.008 1.976%
5-yr +.009 2.333%
10yr +.013 2.559%
30yr +.014 2.901%
Lexington Auction (Tues)
Weighted Average Report for 01/09/2018
Receipts: 922 Last Week: 243 Year Ago: 1202
Compared to last Tuesday's light test steer and heifer calves under 600 lbs sold 2.00 to 5.00 higher with good demand; very good demand for weaned offerings that were noticeably higher. Good demand for yearlings. Active market with good quality cattle on offer.
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