CBOT futures closed strongly higher with KC/Chicago Wheat leading the way up. Today’s big gains resulted from today’s sharp drop in the value of the US Dollar which encouraged short-covering by the spec funds. The weaker US Dollar should benefit U.S. exports.  Other commodities like energy and precious metals have been rising too.

Live Cattle futures closed higher in relatively narrow ranges.  LC futures were supported by positive follow-through following strong gains Monday and Tuesday. Also supportive were higher boxed beef values and optimism for this week’s cash cattle market. Choice beef up 1.14 at 207.99; Select up 0.69 at 200.85. Feeder Cattle futures closed slightly lower under pressure from the much higher CBOT market.

Lean Hog futures closed moderately higher despite a lower pork market and weak cash hog prices. FOB Plant Pork dropped 1.00 to 82.03. Today’s market strength was credited to the 0.9 percent drop in the US Dollar Index because exports are a big part of pork demand.
 

Corn Mar +5 356 (350-57); Jly +5 373; Dec +4 389

Bean Mar +6 992 (980-95); Jly +6 1013; Nov +5 1007

  Meal +2 342

  Oil +16 3268

Wheat Mar +11 433; Jly +10 458 (447-459)

  KC +10 433; MGE +3 608

Oats +5 275

Rice -3 1216

 

LC Feb +70 12542; Apr +35 12515; Jun +17 11647

FC Jan -47 14815; Apr -52 14720; Aug -52 14967

LH Feb +67 7292; Apr +105 7570; Jun +87 8482

Milk Jan +1 1391; Feb -9 1342

US$ -.9%  Lowest level since December 2014.

Dow +41 26252 – New record high.

SP -2 2838

NAS -45 7415

Tran -160 11184

  VIX +.31 11.41

 

WTI +143 6590

Brent +78 7074

Gas +1 192

NG -1 343

HO +2 211

Eth +2 135

Gold +21 1358

Slvr +65 1756

 

2-yr +.021 2.080%

5-yr +.019 2.438%

10yr +.028 2.650%

30yr +.030 2.932%

December Milk Production up 1.2 Percent                               

Milk production in the 23 major States during December totaled 17.0 billion pounds, up 1.2 percent from December 2016. November revised production at 16.2 billion pounds, was up 1.0 percent from November 2016. The November revision represented a decrease of 24 million pounds or 0.1 percent from last month's preliminary production estimate.

Production per cow in the 23 major States averaged 1,943 pounds for December, 11 pounds above December 2016. This is the highest production per cow for the month of December since the 23 State series began in 2003.

The number of milk cows on farms in the 23 major States was 8.74 million head, 54,000 head more than December 2016, and 3,000 head more than November 2017.

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