Market Closes - January 16, 2014

Posted on Jan 16, 2014
Most CBOT contracts closed with minimal changes.  Corn closed mid-range and wheat futures finished at/near the day’s highs. Wheat rallied on some export business and drought concerns following release of the Drought Monitor. 

Soybeans reversed the recent trend of higher old-crop/lower new-crop on apparent profit-taking during the last hour of trading. Nearby soybean meal futures also sold off in the last hour and soybean oil rallied.

Cattle futures closed higher but well off the day’s highs which came just before noon. Even though boxed beef rallied sharply again today, futures traders are being more careful at these record high levels. Once futures turned lower the profit-taking took prices to new lows for the day – down $1.50 in the February contract after peaking at $141.00. Choice carcasses up 4.17 at 228.79; Select carcasses up 3.60 at 225.51/cwt.

Lean Hog futures closed slightly higher but mostly within yesterday’s trading ranges.  It seems market factors are mixed most every day for hogs creating an uncertain situation that keeps price moves limited.  Today the pork cutout increased over a dollar/cwt but cash hog prices weakened.  The February LH contract’s sharp premium to cash is an ongoing problem for bullish traders.

Corn Mar +2 428; Jly +1 442; Dec +1 452 Bean Mar -3 1315; Jly unch 1281; Nov +4 1122 Meal Mar -2 432; Oct +2 351 Oil +6 3805 Wheat Mar +5 573; Jly +5 586 KC +9 629; MGE +10 624 Oats +7 400 Rice -6 1558

LC Feb +72 14015; Jun +15 13127; Oct -5 13260 FC Jan +40 16980; Apr +40 16927; Aug +35 17115 LH Feb +27 8687; Apr +70 9225; Jun +55 10175 Milk Jan +11 2094; Feb +74 2178

US$ -.1%

Dow -65 16417 SP -2 1846 NAS +4 4219 Tran -47 7457 VIX +.25 12.53

WTI -21 9396 Brent -4 10709 Gas -3 259 NG +6 438 HO unch 298 Eth +2 193

Gold +2 1240 Slvr -8 2005

2-yr -.01 0.40% 5-yr -.03 1.65% 10yr -.05 2.84% 30yr -.05 3.78%

Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 01/16/14 **Internet sale at KCA convention Friday 4:30 p.m. Receipts:  3,987   Last Week:  594   Year Ago:  3,815 Compared to last week steer and heifer calves under 600 lbs sold 10.00 to 20.00 higher with very good demand, over 600 lbs sold 5.00 to 10.00 higher with very good demand.  Good to attractive quality offering with many small packages of good quality calves.  Yearling steers and heifers sold 5.00 to 10.00 higher in a limited comparison with last week’s light test.  Slaughter cows sold 1.00 to 3.00 lower with moderate demand.  Slaughter bulls sold steady with very good demand.  Warmer temperatures, combined with a very strong market in the west brought many calves to town this week.

Total supply included 05% slaughter cows, less than 01% slaughter bulls, less than 01% replacements and 94% feeders.  Feeder supply 53% steers, 07% bulls, 40% heifers with 64% of feeders weighing over 600 lbs.

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Tagged Post Topics Include: Economics, Market updates