Market Closes - January 26, 2015

Posted on Jan 26, 2015
CBOT futures closed mixed with midday price moves amplified by the closing bell. Soybean meal was the market leader on ideas of good demand near term. Soybeans were supported by better-than-expected soybean export shipments reported this morning. While beans and meal charted friendly reversals, soybean oil and wheat futures closed sharply lower and at/near the day’s lows.

Cattle futures traded wildly today as price limits were expanded. Prices started lower in follow-through to Friday’s limit-down moves. Futures rallied sharply between 11:15 and 12:15 pm CT, before settling way back by the 1 pm pit closing. Boxed beef continued to lose value. Choice carcasses down 2.33 at 251.41; Select carcasses down 2.44 at 244.79.

Lean Hog futures closed strongly higher, with most contracts recovering last Friday’s losses. A strong midday pork quote probably supported LH futures. Despite weaker pork in the afternoon, electronic trading in the afternoon held above the pit closes. FOB Plant Pork closed up .09 to 84.47 as the midday pork strength disappeared. Possibly LH futures are working on establishing a price bottom after a 2+ month downward move of over $22.00/cwt.

Corn Mar -3 384; Jly -3 400; Dec -3 414 Bean Mar +11 983 (hi984); Jly +11 996; Nov +12 972 Meal Mar +7 339; Oct +7 323 Oil -52 3108 Wheat Mar -9 520; Jly -7 529 KC -9 554; MGE -7 569 Oats unch 291 Rice -12 1088

LC Feb -52 14982; Apr -80 14800; Oct +42 14517 FC Jan -205 21165; Mar -185 19997; Aug -155 20347 LH Feb +152 7082; Apr +200 7265; Jun +200 8220 Milk Feb +26 1524; Mar +22 1486

US$ -.1%

Dow +6 17679 SP +5 2057 NAS +14 4772 Tran +58 9040 VIX -1.14 15.52 -6.8%

WTI -51 4508 Brent -62 4817 Gas -3 131 NG -9 289 HO -1 164 Gold -11 1281 Slvr -36 1793

2-yr +.020 0.519% 5-yr +.016 1.340% 10yr +.007 1.825% 30yr +.004 2.396% 

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Tagged Post Topics Include: Economics, Market updates