Market Closes - January 21, 2015

Posted on Jan 21, 2015
CBOT futures traded both sides of unchanged and closed narrowly mixed. Tuesday’s price rebound carried into overnight price strength with the help of a much weaker US Dollar. But bullish momentum faded for corn and wheat as the Dollar rallied late morning back to yesterday’s highs. The soy market proved more resilient with March/May beans closing 6 cents above the morning lows. China showed up as a buyer on the USDA export report. A strong crude oil market didn’t help today and the soybean oil market was pressured by weaker palm oil. March Corn is trading between its 50 and 100-day moving averages (377, 395); watch for a breakout.

To end pit trading, cattle futures closed higher on rising boxed beef values. However, the afternoon report showed a loss in boxed beef. So February LC drifted lower. Choice Beef dropped 1.05 to 257.19 and Select fell .42 to 248.41. USDA reported cattle sold in Nebraska at $159-160/cwt, compared to last week’s 5-Area Avg price of $163.14. The monthly Cattle on Feed Report comes out Friday afternoon. The average trade guess is for 1.4% more on-feed this year.

Lean Hog futures closed mixed but traded higher in the afternoon compared to the pit-closing prices shown above. FOB Plant Pork closed up 1.13 to 87.04. LH futures hit new contract lows and reversed higher; time will tell if LH has found a bottom.

Corn Mar -2 388; Jly -1 402; Dec -1 415 Bean Mar +1 983; Jly +1 994; Nov -1 966 Meal +4 330 Oil -43 3241 Wheat Mar unch 537; Jly -1 543 KC -5 572; MGE -8 581 Oats unch 291 Rice +10 1137

LC Feb +65 15370; Apr +80 15187; Oct +82 14720 FC Jan +122 21570; Mar +282 20530; Aug +212 20940 LH Feb +57 7235; Apr -45 7422; Jun +47 8415 Milk Feb +16 1461; Mar +22 1431

US$ -.2%

Dow +39 17554 SP +10 2032 NAS +13 4667 Tran +40 8887 VIX -1.04 18.85 -5.2%

WTI +131 4778 Brent +74 4873 Gas +1 132 NG +16 300 HO +2 165 Eth unch 139 Gold unch 1294 Slvr +18 1814

2-yr +.024 0.511% 5-yr +.063 1.354% 10yr +.066 1.873% 30yr +.064 2.463%

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Tagged Post Topics Include: Economics, Market updates