Market Closes - January 10, 2018

Posted on Jan 10, 2018

At 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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