Market Closes - January 18, 2017

Posted on Jan 18, 2017

CBOT futures closed mixed with soybeans and meal performing the best of the major commodities (Oats gained an impressive 8 cents).  The markets were weak overnight on profit-taking, but rallied during the day session, only to sell off in the final 10-15 minutes of trading. Corn futures challenged the October highs but failed to punch through and ended up closing lower. Depending on the contract, corn futures are below or above the key 200-day moving average. Thus, corn is still at a critical crossroads.  However, soybean futures traded above yesterday’s highs and that key chart resistance, and did close higher, near yesterday’s highs. With RSI near 66, soybean futures are somewhat “overbought” and are subject to a downward correction. Traders still are watching Argentina and its soybean production losses.

The US Dollar, energy futures and Treasury yields reversed price direction from Tuesday.  A weaker dollar was supportive, but lower crude prices was a negative.

Live cattle futures closed higher while Feeder cattle ended lower except for the February contract. LC was supported by higher boxed beef values and expectations of higher fed cattle prices this week. The Fed Cattle Exchange traded an average $120.52/cwt today, up slightly from last week’s cash markets. Choice ended up 1.60 at 193.22; Select up 0.83 at 188.06.  LC traded to new highs for this rally which started in October; February LC is around $22/cwt above those lows. The nearby futures price is over $25 above the October low.

Lean Hog futures closed lower after moving to new highs in the morning. Profit-taking kicked in under pressure from a sharply lower pork market – the midday quote for FOB Plant was down 2.36. FOB Plant Pork closed down 1.69 at 78.84 with a 5% drop in loin value, a 8% drop in picnics and a 3% drop in butts.

 

Check out today’s BETWEEN THE ROWS newsletter by clicking here.

 

Corn Mar unch 365; Jly -1 379; Dec -1 392 (390-94)

Bean Mar +6 1075; Jly +5 1088; Nov +8 1028 (1011-32)

   Meal +2 351

    Oil +2 3558

Wheat Mar -2 431; Jly -2 461 (458-64)

  KC unch 452; MGE +7 573

Oats +8 257

Rice -3 992

 

LC Feb +70 12027; Jun +40 10892; Aug +15 10432

FC Jan +7 13100; Apr -42 12907; Aug -42 12805

LH Feb -60 6520; Apr -90 6882; Jun -112 7782

Milk Feb -15 1688; Mar -18 1728
 

US$ +1%
    This reversed much of yesterday’s loss.

Dow -22 19805

SP +4 2272

NAS +17 5556

Tran +41 9141

  VIX +.61 12.48  +5.1%

 

WTI -109 5139

Brent -120 5427

Gas -5 155

NG -11 330

HO -3 162

Eth unch 150

Gold -9 1204

Slvr -7 1707

 

2-yr +.065 1.221%

5-yr +.109 1.935%

10yr +.103 2.430%

30yr +.084 3.011%

Kentucky Farm Bureau Minute video  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here