Market Closes - January 29, 2018
Posted on Jan 29, 2018CBOT 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.
Kentucky Farm Bureau Minute video - Click Here
KENTUCKY CASH GRAIN PRICES – Click Here
KENTUCKY LIVESTOCK AUCTIONS -- Click Here
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