Market Closes - January 29, 2015

Posted on Jan 29, 2015
CBOT futures closed mixed with most contracts seeing small changes. Weighing on the markets were both a firmer US Dollar and a morning drop in crude oil futures. Corn saw continued fund liquidation due to prices trading below the 100-day moving average. Surprisingly good soybean export sales reported this morning supported soybeans but the sharp drop in soybean oil futures was too much. Wheat also benefited from better export sales; the price reversal looks friendly on the charts but there’s much work to do to get wheat futures to rally. July Chgo Wheat is approaching $4.96 chart support from last September’s contract low (price rallied $1.60 off that low into a December high). Generally, growing conditions are favorable for South American corn and soybeans.

Cattle and hog futures started the day higher, trying to add to this week’s price stability and bottoming attempts. But as traders learned that cash beef and pork values were dropping, futures headed south. While cattle futures bounced off the lows, Lean Hog futures remained very weak with the nearby February LH contract closing limit down. Choice down 2.70 at 244.59; Select down 2.00 at 238.34. FOB Plant Pork dropped 2.03 to 78.30 on sharp losses in rib and belly values and losses in all primal cuts.

All are looking forward to Friday afternoon’s CATTLE report to see how much the beef herd is expanding.

Corn Mar -2 371; Jly -1 388; Dec -1 403 Bean Mar -2 968; Jly -3 980; Nov -7 951 Meal +1 338 Oil -80 2954 Wheat Mar +2 508; Jly +1 517 KC +8 544; MGE +4 559 Oats -5 282 Rice +12 1086

LC Feb -42 15352; Apr -100 15050; Oct -122 14642 FC Mar -77 20357; May -120 20470; Aug -105 20652 LH Feb -297 6855; Apr -175 7320; Jun -95 8362 Milk Feb +70 1604; Mar +75 1546

US$ +.1%

Dow +225 17417 SP +19 2021 NAS +45 4683 Tran +52 8851 VIX -1.68 18.76

WTI +9 4454 Brent +63 4910 Gas +2 140 NG -11 273 HO unch 161 Eth -1 136 Gold -29 1257 Slvr -112 1697

2-yr +.017 0.524% 5-yr +.034 1.278% 10yr +.033 1.761% 30yr +.029 2.326%

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