Market Closes - January 7, 2015

Posted on Jan 7, 2015
CBOT futures closed mostly lower with only soybeans holding steady on the back of higher soybean oil futures. Going into Monday’s USDA reports, traders appear to be holding onto soybeans and selling the corn and wheat against it. Soybeans have the strongest demand feature which should limit losses if prices head south. The funds are very big longs in corn futures and are probably trimming it. And wheat fundamentals are not favorable given the soaring US dollar and plenty of world competition. Wheat closed at/near the day’s lows.

Cattle futures closed mostly lower with the more nearby contracts performing best. With the extreme winter weather hurting weight gains, the cash price at the feedlot has risen sharply this week with prices trading around $170/cwt. February LC futures are at a discount to the cash market so strength in boxed beef values may give LC futures a boost. Choice up 2.42 at 252.75; Select up 2.07 at 242.12.

Lean Hog futures closed moderately higher after testing yesterday’s lows early. FOB Plant Pork up .12 to 82.53; loin strength offset weakness in butt, picnic and ham values.

US equities ended a 5-session down move with the help of an up day in WTI Crude futures. A positive jobs report was supportive.

Corn Mar -9 396 (396-407); Jly -9 411; Dec -8 420 (420-30) Bean Mar unch 1056 (1048-61); Jly unch 1066; Nov -4 1025 (1019-31) Meal Mar -1 354; Oct -2 335 Oil +29 3316 Wheat Mar -12 579; Jly -11 588 (586-601) KC -11 620; MGE -10 616 Oats -3 302 Rice +4 1165

LC Feb -12 16590 (16500-16665); Apr -27 16472; Oct -142 15432 FC Jan +95 22565; Mar -55 22032; Aug -182 22202 LH Feb +75 7932; Apr +52 8187; Jun +40 9090 Milk Jan +15 1580; Feb +24 1494

US$ +.4%

Dow +213 17585 SP +23 2026 NAS +58 4650 Tran +61 8772 VIX -1.81 19.31 -8.6%

WTI +84 4877 Brent -5 5105 Gas -1 134 NG -6 288 HO -2 170 Eth -2 147 Gold -8 1211 Slvr -11 1653

2-yr -.016 0.617% 5-yr -.015 1.478% 10yr +.006 1.969% 30yr +.009 2.532%

Blue Grass East Stockyards Cattle Auction Report for 1/7/2015 Cattle Receipts: 644 Last Week: 692 Year Ago: 275 Saturday Receipts: 204 Weekly receipts: 848

Compared to last sell steer calves unevenly steady to 3.00 higher. Bull calves steady to 2.00 higher with moderate demand. Heifer calves steady with higher undertone. The future’s market has slightly rebounded in the past few days, however still uneven as CME cattle futures softer by mid-day. Fleshy calves, off-colored and red-hided cattle in light demand. Quality was plain through good. Slaughter cows sold steady-2.00 higher with good demand. Slaughter bulls sold 2.00 higher.

This week’s supply included 34 percent that weighed over 600 lbs. 3 percent steers and 20 percent bull calves 0.0 Holstein Steers and 40 percent heifers of total recorded feeder supply. 50 head of slaughter cows with 85 percent going to slaughter, 12 head slaughter bulls with 100 percent going to slaughter.

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Tagged Post Topics Include: Economics, Market updates