Market Closes - January 30, 2015

Posted on Jan 31, 2015
CBOT futures closed lower except for soybean oil – which has dropped 10 percent over the past two weeks. CBOT was pressured from weak economic data, deflation in the EU and technical selling as many contracts moved to new lows. Soybeans and meal were pressured by a 3 pct drop in Brazil’s currency relative to the US dollar. More attention to South American weather could occur next week. The spec funds are short CBOT wheat and very long corn futures (but have been liquidating).

Throughout February, the baseline futures prices (December Corn, November Soybeans) for corn and soybean crop insurance will be established. Let’s hope for rising prices.

Cattle futures closed strongly higher as bottoming action continued. Stability in cash cattle prices appeared to offset the weakening boxed beef market. Today, Choice was down 2.15 to 242.44 and Select was down 2.60 to 235.74.

The CATTLE report this afternoon confirmed strong expansion in the beef herd. The January 1, 2015, inventory of beef cows is up 2 percent year/year and beef cow replacement heifers is up 4 percent. The 2014 Calf Crop is estimated at 33.9 million head, up 0.5 percent. Kentucky’s beef cow herd is up 1.5 percent, but the number of beef replacement heifers is 10 percent less than a year ago. KY’s calf crop of 950 million head is unchanged from 2013.

Read the CATTLE report by Clicking Here. 

The Sheep and Goats Report is Available Here

Lean Hogs closed weaker in FEB/APRIL and higher in the deferred contracts. FOB Plant Pork edged up .03 to 78.33.

Crude oil soared today on apparent heavy short-covering going into the weekend on news of the largest drop in drilling rigs since 1987 – down 7 percent on the week. Today is also end-of-month and traders may have wanted to book profits.

Corn Mar -1 370; Jly -2 386; Dec -2 401 (397-404) Bean Mar -7 961; Jly -7 973; Nov -5 946 (940-55) Meal Mar -8 330; Oct -6 315 Oil +46 3000 Wheat Mar -5 503; Jly -5 511 (507-21) KC -4 540; MGE -2 557 Oats -7 275 Rice -29 1057

LC Feb +132 15485; Apr +177 15227; Oct +77 14720 FC Mar +162 20520; May +142 20612; Oct +125 20625 LH Feb -107 6747; Apr -95 7225; Jun +47 8410 Milk Feb +1 1600; Mar +12 1558

US$ +.1%

Dow -252 17165          Second straight month of lower index values. SP -26 1995 NAS -48 4635 Tran -202 8649 VIX +2.68 21.44 +14%

WTI +325 4778 Brent +333 5246 Gas +7 146 NG -5 267 HO +8 169 Eth unch 137 Gold +28 1283 Slvr +49 1726

2-yr -.059 0.461% 5-yr -.112 1.171% 10yr -.097 1.656% 30yr -.090 2.229%

Kentucky Weekly Livestock Summary for the week of Jan 16-22, 2015. Receipts This Week Last Week Last Year 26,791 23,630 22,435 Compared to last week, Steer Calves below 500 lbs sold mostly steady with instances to 5.00 higher and good demand, above 500 lbs mostly steady to 4.00 lower with moderate demand. Heifer Calves below 500 lbs sold mostly steady with good demand, above 500 lbs 2.00 to 4.00 lower with moderate demand. Yearling steers were 2.00 to 4.00 lower with moderate demand and Yearling Heifers 10.00 lower with a limited comparison available. Slaughter Cows sold steady to 3.00 lower with moderate demand and Slaughter Bulls steady to 2.00 lower with moderate demand.

Supply: Slaughter Cows 6 percent; Slaughter Bulls 1 percent; Feeder cattle 90 percent. In the feeder supply, Steers made up approximately 39 percent and Heifers approximately 37 percent. Steers and Heifers over 600 lbs totaled approximately 49 percent. Replacement cattle 3 percent.

KENTUCKY CASH GRAIN PRICES Click Here 

KENTUCKY LIVESTOCK AUCTIONS --  Click Here 

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Tagged Post Topics Include: Economics, Market updates