Market Closes - January 15, 2015

Posted on Jan 15, 2015
Soybean and soybean meal futures led the CBOT lower after being higher overnight. These markets dropped despite a strong weekly export sales number. Traders instead focused on the bearish reversal in the outside markets(crude oil, equities), a stronger US dollar, improved weather forecasts for South America’s soybean regions and a disappointing NOPA Crush report. Wheat remains under pressure from the rising US Dollar and disappointing export sales. The July Chicago Wheat contract has closed lower 7 straight days and 10 out of the last 12 trading days; today’s close is $1.26 below the December peak.

Corn, beans and wheat futures have contracts with prices right at key chart support levels. Further losses could quickly grow to bigger price drops to the next support levels as the spec funds sell.

Cattle futures sold off strongly midday with Feeder Cattle hitting limit down losses of 4.50. It appears the speculators are liquidating their longs in light of the downdraft in outside markets like energy and equities as the US Dollar strengthens. Fundamentals aren’t as negative as futures -- the cash cattle market is at a sharp premium to February LC futures and Choice Beef is just below the record high level established yesterday. Retail beef prices hit a new record high in November per the latest report. Today’s boxed beef market had Choice carcasses down 0.93 at 262.88; Select up 0.39 at 254.07.

Lean Hog futures closed mixed with cash markets offering little direction. The losses in cattle futures and other outside markets probably weighed on the market. FOB Plant Pork closed down .42 at 83.89.

Corn Mar -1 380 (376-88); Jly -1 394; Dec -1 407 (404-15) Bean Mar -18 991 (985-1020); Jly -17 1003; Nov -15 976 (970-999) Meal Mar -9 327 (325-38); Oct -7 317 Oil +17 3299 (3265-3346) Wheat Mar -5 533; Jly -5 540 (536-52) KC -2 573; MGE unch 581 Oats -1 282 Rice +18 1133

LC Feb -155 15420; Apr -152 15280; Oct -42 14797 FC Jan -450 limit 21565; Mar -450 20560; Aug -435 20905 LH Feb -40 7562; Apr +35 7835; Jun -32 8792 Milk Jan +12 1602; Feb +21 1457

US$ +.2%

Dow -106 17320 SP -19 1993 (1991-2021) NAS -68 4571 Tran -34 8656 VIX +.91 22.39 +4.2%

WTI -221 4627 Brent -102 4767 Gas -5 130 NG -4 319 HO -3 162 Eth -3 130 Gold +29 1263 Slvr -2 1696

2-yr -.073 0.420% 5-yr -.126 1.177% 10yr -.109 1.726% 30yr -.086 2.365%

Meetings starting tomorrow: KY COMMODITY CONFERENCE – Bowling Green KY Pork Producers Annual Meeting – Bowling Green KY Cattlemen’s Assn Convention - Owensboro

KENTUCKY CASH GRAIN PRICES Click Here 

KENTUCKY LIVESTOCK AUCTIONS --  Click Here 

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Tagged Post Topics Include: Economics, Market updates