Market Closes - January 9, 2014
Posted on Jan 9, 2014Live Cattle futures closed only slightly higher after rallying to new highs in the morning. Boxed beef values are still rising which may lead to higher fed cattle trade tomorrow. Choice up 1.92 at 212.05; Select up 1.98 at 209.05/cwt. Feedlot sales have not been reported yet for this week. Last week’s price ranged $137-139/cwt. Offers are above these prices.
Lean Hog futures closed lower again, with the February LH contract touching a new contract low when trading opened at 9 am CT. Futures then rallied in conjunction with cattle futures through mid-morning. Seems the cash hog and pork cutout are just treading water without reason to rally. February Lean Hog futures’ $5 premium to cash makes it more likely to see losses in futures.
Corn Mar -5 412; Jly -5 428; Dec -5 441 (437-45) Bean Mar +4 1274; Jly +3 1240; Nov -3 1101 (1098-1110) Meal Mar +2 414; Oct -2 343 Oil +28 3796 Wheat Mar -4 584; Jly -4 594 (588-600) KC +2 639; MGE +2 629 Oats +18 395 Rice -14 1540
LC Feb +2 13655; Jun +17 13012; Oct +47 13200 FC Jan +67 16915; Apr +45 16962; Aug +7 17127 LH Feb -32 8525; Apr -37 9072; Jun -45 10060 Milk Jan -1 2038; Feb -21 2024
US$ -.1%
Dow -18 16445 SP +1 1838 NAS -9 4156 Tran +69 7380 VIX +.02 12.89
WTI -3 9230 Brent -71 10644 Gas -1 265 NG -19 403 HO -3 292 Eth +1 192.5
Gold +2 1227 Slvr +2 1956
2-yr unch 0.44% 5-yr -.02 1.75% 10yr -.03 2.965% 30yr -.02 3.87%
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Tagged Post Topics Include: Economics, Market updates
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