Market Closes - January 17, 2018
Posted on Jan 17, 2018The 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%
Kentucky Farm Bureau Minute video - Click Here
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