Market Closes - January 24, 2017

Posted on Jan 24, 2017

CBOT futures closed mixed with soybean futures again outperforming corn and wheat which both ended down 5-6 cents. March Corn traded overnight to new 6-month highs above the key chart resistance I listed yesterday; however, that upside breakout failed terribly and futures closed sharply lower with a bearish outside-down day on the chart. Soybean futures fell sharply in first 30 minutes of trading this morning and then worked its way back to penny gains in the middle of the trading range. With plentiful grain/oilseed supplies, there’s little to get the market going right now; price action is following technical signals and money flow by the big spec funds.

Cattle futures rallied at the opening bell in follow-through buying from Monday’s higher closes, but fell sharply in the 11:00 am CT hour. The selling hit the market despite strong midday boxed beef markets. Traders are cautious that cash markets may soften this week. Choice beef edged down .03 to 191.74 and Select gained 1.34 to 188.17. This is lower than midday quotes of 193.27 and 189.19.

Lean Hog futures closed mostly higher with little price changes. Early morning strength gave way to a weak close. At midday, FOB Plant Pork was up .52 at 79.90.

Corn Mar -6 363; Jly -6 377; Dec -5 391 (390-97)

Bean Mar +1 1058; Jly +1 1074; Nov +1 1026 (1020-32)

      New crop B/C ratio = 2.62

  Meal unch 343

  Oil +15 3528

Wheat Mar -6 427; Jly -5 456 (455-62)

  KC -3 442; MGE -3 561

Oats -3 257

Rice +13 993

 

LC Feb -57 11967; Jun -45 10815; Aug -12 10410

FC Jan -35 13242; Apr -32 12960; Aug -30 12817

LH Feb +22 6522; Apr -15 6762; Jun +2 7677

Milk Feb +2 1668; Mar -4 1711

Ag Expo is tomorrow at Owensboro Convention Center
      - Register by 10:30 am CT for lunch


US$ +.4% 

Dow +113 19913

SP +15 2280   - record high close

NAS +48 5601  - record high close

Tran +150 9289

  VIX -.71 11.06  -6%

 

WTI +43 5318

Brent -1 5522

Gas -1 156

NG +4 328

HO +1 164

Eth -3 146

Gold -5 1211

Slvr -7 1711

 

2-yr +.045 1.192%

5-yr +.063 1.930%

10yr +.062 2.463%

30yr +.059 3.047%

Kentucky Farm Bureau Minute video  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here