CBOT futures closed higher with corn and wheat ending near the day’s highs and prices reaching new highs for the current January rally. The overnight soybean rally was trimmed during the day session. Today’s soybean rally only managed to unwind Friday’s losses. Futures were supported by some fundamentals (mostly weather) and technical buying as futures charts look friendlier. In the back of everyone’s minds is the fact that the big speculative funds hold large short positions.  The question is if and when something might happen to cause the shorts to cover aggressively.

Cattle futures closed higher but well off the day’s highs. Futures opened sharply higher as result of last Friday’s big jump in cash prices to $126-127. But the buying enthusiasm quickly faded. Boxed beef moved strongly higher -- Choice up 2.28 at 209.11; Select up 2.30 at 204.13. 

Lean Hog futures closed mostly lower but little changed. Like cattle futures, the LH futures rallied in the first hour and then worked lower to close near the day’s lows.  FOB Plant Pork closed up .03 at 82.81, compared to 82.15 at midday.

Corn Mar +2 359 (357-59); Jly +2 375; Dec +2 391

Bean Mar +6 991 (986-99); Jly +6 1012; Nov +5 1008

  Meal +2 337

  Oil +8 3287

Wheat Mar +8 449; Jly +8 474 (468-75)

  KC +10 453; MGE -1 614

Oats +3 269

Rice +10 1243

 

LC Feb +110 12570; Apr +37 12500; Jun +17 11635

FC Mar +27 14700; Apr +7 14730; Aug +7 15012

LH Feb +12 7240; Apr -37 7342; Jun -25 8302

Milk Jan unch 1391; Feb +11 1343
 

US$ +.4%

Dow -177 26439

SP -19 2854

NAS -39 7466

Tran -12 11114

  VIX +2.76  13.84  +25%
 

WTI -62 6552

Brent -109 6943

Gas -1 192

NG +13 363

HO -3 209

Eth +2 138

Gold -13 1339

Slvr -31 1713

 

2-yr  unch 2.120%

5-yr +.024 2.494%

10yr +.037 2.699%

30yr +.032 2.945%
 

NATIONAL FEEDER & STOCKER CATTLE SUMMARY – WEEK ENDING 01/26/2018

RECEIPTS:       Auctions     Direct    Video/Internet     Total
This Week        283,400     83,800        20,200         387,400
Last Week        225,000     51,100         2,400         278,500
Last Year        289,700     69,600         4,700         364,000

   Compared to last week, steer calves sold 5.00 to 10.00 higher, yearlings and all heifers sold steady to 5.00 higher.  Blizzard condition early in the week hampered movement, especially in Nebraska and Dakotas.  As temperatures moderated mid-week conditions and business returned to normal.  The supply of feeders was heavy, with total auction receipts seeing around a 66 percent increase over last week.  Receipts are always generally heavy if weather cooperates this time of year, but dry conditions and lack of water are causing several producers to market cattle a few weeks earlier than they might typically prefer.

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