Market Closes - January 17, 2018

Posted on Jan 17, 2018

The CBOT closed mixed again today but corn was the upside leader followed by KC/Chicago wheat futures. Corn added to yesterday’s gains, moving sharply through the 20-day moving average resistance; futures are approaching resistance at the early January highs. Corn rallied on aggressive short-covering by the specs who held a near-record short position. Another 2-cent rally would open up another 6 cents of upside to the highs set December 4. Wheat rallied in KC and Chicago in spillover support from corn futures and the extreme cold temperatures in the Plains.  Soybean and soybean meal futures dropped sharply after the markets opened at 830 am CT, but climbed back to close steady. Technically positive is that the early price crash filled in chart price gaps created on Tuesday. Soybeans have now closed above the 20-day moving average for two straight days. Traders are watching South American weather and crop development.

Cattle futures closed sharply higher as traders develop a more-friendly attitude. The futures rally came despite yesterday’s large drop in the Choice Cutout and no recovery today. The record-setting stock market suggests the economy will continue to improve and lead to better beef demand.  Choice was down 0.28 at 205.30; Select down 0.28 at 199.61.

Lean Hog futures closed much lower in the nearby February LH contract but near steady in the deferred contracts. Today’s weakness was tied to lower cash hog prices and profit-taking after the huge rally yesterday. FOB Plant Pork ended up .24 at 80.95.

Corn Mar +5 353 (348-53); Jly +4 369; Dec +3 386

Bean Mar +1 969 (961-69); Jly unch 989; Nov unch 989

  Meal +1 324

  Oil -28 3251

Wheat Mar +5 421; Jly +4 448 (442-49)

  KC +5 427; MGE unch 612

Oats +4 254

Rice unch 1215

 

LC Feb +287 12097; Apr +240 12277; Jun +210 11445

FC Jan +227 14787; Apr +205 14612; Aug +197 14865

LH Feb -117 7272; Apr -62 7552; Jun -10 8492

Milk Jan +7 1384; Feb +32 1369

 

US$ +.5%

  Stock indexes posted record high closes.

Dow +323 26116

SP +26 2803

NAS +75 7298

Tran +31 11258

  VIX +.25 11.91

 

WTI +24 6397

Brent +33 6948

Gas +2 186

NG +10 323

HO +1 207

Eth unch 136

Gold +2 1339

Slvr -2 1717

 

2-yr +.029 2.047%

5-yr +.048 2.403%

10yr +.043 2.587%

30yr +.019 2.854%

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