Market Closes - January 23, 2017

Posted on Jan 23, 2017

Futures and financial markets were relatively calm today with closing prices generally within +/- 1% of unchanged. The US Dollar is weaker today and that was generally supportive of U.S. commodities, equities and Treasuries. However, soybean and meal futures were pressured by drier weather in Argentina and the approaching ramp up of harvest in South America. Soybeans closed lower for the third straight day, but remain above last week’s lows. Given their large long position in soybeans, it’s no surprise they were significant sellers today. Other caution flags are the expectation for a big jump in soybean acres for 2017 and possible friction in US/China trade relations. KC and Chicago wheat futures went up on the weaker US$ and short-covering.

Technically, March Corn is at a critical crossroads – chart resistance is at 3.70 where the 200-day moving average is and a possible “double top” with the October and January highs. 

Cattle futures traded very narrow price ranges today as traders wait for more direction from the cash markets. Boxed beef started the week firmer on low volume trade -- Choice closed up 1.35 at 191.77; Select up 0.19 at 186.83. Choice was 191.00 at midday. USDA reported last week’s 5-market Average Steer Price at $121.89, up $3.07 from the previous week. Beef production was down 6.6% week/week. 

Lean Hog futures closed lower under pressure from weak cash hog prices and pork values, and profit-taking. February LH losses were limited by its discount to the LH Index. FOB Plant Pork dropped .33 to 79.38 with hams down nearly 5%. This is better than the midday quote of 78.64.

Corn Mar unch 369; Jly unch 383; Dec unch 396 (393-96)

Bean Mar -10 1058; Jly -9 1073; Nov -3 1025 (1021-29)

     New Bean/Corn Ratio = 2.59

 Meal -5 343

  Oil -2 3513

Wheat Mar +5 433; Jly +3 461 (456-62)

  KC +2 445; MGE -4 564

Oats -3 260

Rice -2 980

 

LC Feb unch 12025; Jun -10 10860; Aug -17 10422

FC Jan -32 13277; Apr -17 12992; Aug -12 12847

LH Feb -30 6500; Apr -70 6777; Jun -62 7675

Milk Feb -24 1672; Mar -18 1722
 

US$ -.6%  100.21

Dow -27 19800

SP -6 2265

NAS -2 5553

Tran -86 9138

  VIX +.23 11.77

 

WTI -39 5283

Brent -8 5541

Gas +1 157

NG +7 327

HO -2 163

Eth unch 149

Gold +13 1218

Slvr +22 1725

 

2-yr -.045 1.152%

5-yr -.068 1.870%

10yr -.059 2.408%

30yr -.047 2.999%
 

Lexington Auction
Weighted Average Report for 01/23/2017
  Receipts:  890    Last Week:  583    Year Ago:  244

**Lexington Monday sale held at Mt. Sterling yard while new Lexington stockyard is under construction***

     Compared to last Monday steer calves under 700 lbs sold 2.00 to 4.00 higher with good demand yearlings traded firm with good demand. Heifer calves sold 3.00 to 7.00 higher with most advance on weaned offerings.  Quality was good through attractive with many weaned packages of attractive calves on offer. Slaughter cows sold 2.00 to 3.00 higher with good demand and slaughter bulls sold 2.00 higher with moderate demand.
 

Kentucky Farm Bureau Minute video  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here