Market Closes - January 30, 2017

Posted on Jan 30, 2017

The price board is very red tonight as most commodity prices closed lower with some sharply lower. Soy complex futures led the CBOT lower as the spec funds were reportedly huge sellers.  Friday’s CFTC position report for last Tuesday showed the funds with bigger long positions in soybeans and corn than expected. Adding to the selling pressure was improved South American weather.

Cattle futures fell sharply in response to Friday afternoon’s bearish Cattle on Feed Report. It showed December Placements up a whopping 17.6% compared to a 8.8% expectation. Marketings were as expected at 106.8%. This resulted in the January 1st on-feed inventory being up 0.3%, compared to a drop of 0.9% for expectations. Otherwise, cash fundamentals did not weaken today as boxed beef firmed up. Choice up 0.65 at 193.35; Select down 0.01 at 188.93. Last week’s 5-market average was $121.22, down .5% from a week earlier. Tonight the February LC contract is $5.00 below that.

The annual Cattle inventory report will be released Tuesday. Traders expect a 1% gain in cattle and calves and a 2% gain in the 2016 calf crop compared to 2015.

Lean Hog futures closed little changed even as cattle futures sunk. Futures were supported by follow-through buying based on Friday’s higher market that followed Thursday’s price crash.  Higher pork markets also helped. FOB Plant Pork gained .57 to 83.48. This is weaker than the midday gain of 1.17.
 

Corn Mar -5 358; Jly -4 372; Dec -4 385 (384-89)

Bean Mar -26 1023; Jly -25 1040; Nov -21 1004 (1000-22)

  Meal -9 334

  Oil -66 3361

Wheat Mar -6 414; Jly -7 442 (442-48)

   KC -8 426; MGE -9 551

Oats -9 244

Rice -4 976

 

LC Feb -215 11617; Jun -242 10455; Aug -222 10032

FC Mar -355 12390; May -297 12215; Aug -280 12302

LH Feb +20 6710; Apr -7 6822; Jun -10 7700

Milk Feb -6 1656; Mar -7 1708

 

US$ -.1%

Dow -123 19971

SP -14 2281

NAS -47 5614

Tran -115 9329

  VIX +1.30 11.88  +12.3%

 

WTI -54 5257

Brent -35 5517

Gas -2 153

NG -13 323

HO -1 162

Eth unch 150

Gold +5 1196

Slvr +2 1715

 

2-yr +.004 1.216%

5-yr +.010 1.951%

10yr +.009 2.490%

30yr +.019 3.078%
 

Kentucky Weekly Livestock Summary for the week of Jan 23-28, 2017
Receipts
    This Week       Last Week    Last Year
         20,626         18,759       11,643

Compared to last week steer and heifer calves below 600 lbs sold mostly steady to 3.00 higher, above 600 lbs 2.00 to 5.00 higher.  There were instances up to 10.00 higher.  Demand was good to very good for an average through good quality offering.  Yearling steers and heifers sold steady to 2.00 higher with good demand and moderate to good supply.  Slaughter cows sold mostly steady to 4.00 higher and bulls steady to 2.00 higher with good demand.
 

Kentucky Farm Bureau Minute video  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here