Market Closes - March 1, 2018
Posted on Mar 1, 2018KFB Beef Expo - March 2-4, 2018
CBOT futures rallied strongly today, led by the wheat market. Prices were supported by dry weather – in the Plains for wheat and in Argentina for soybeans and corn. KC and Chicago wheat futures are up 40 cents in the last two days as futures broke above key chart resistance at the February highs. The rally was amplified by the speculators covering their short wheat positions. The funds have apparently moved to the long side of corn. Corn has rallied around 30 cents since the January lows. Old-crop soybean futures have gained over a dollar/bushel in the same time frame; November Soybean is up 70 cents. Traders will continue to be concerned about the weather and try to figure out the corn/bean acreage to be planted in the U.S. They will also watch for Chinese retaliation on agricultural products for President Trump’s proposed tariffs on imported steel and aluminum.
Cattle futures traded both sides but closed near unchanged. Nearby LC was supported by strong beef cutout values (highest since July) and strong beef export sales. Choice up 1.27 at 222.30; Select up 0.50 at 215.60. A big increase yr/yr in cattle on feed means beef production will be increasing, so demand needs to be sustained to support prices.
Lean Hog futures closed lower as pork values weaken and the charts are technically weak. LH futures have closed lower for four straight days after the February rally ended on Monday with reversal price action. FOB Plant Pork dropped .06 to 77.38.
Corn May +4 386; Jly +4 393; Dec +3 405 (399-405)
Bean May +12 1068; Jly +12 1076; Nov +6 1038 (1027-38)
Meal +2 397
Oil +16 3239
Wheat May +20 515; Jly +21 528 (503-31)
KC +21 543; MGE +13 635
Oats +3 273
Rice -4 1250
LC Apr +5 123.32; Jun -10 11550; Oct -25 11532
FC Mar +30 14505; May -55 14800; Aug -62 15172
LH Apr -25 6697; Jun -60 8007; Aug -110 8137
Milk Mar +6 1408; Apr -9 1402
US$ -.4%
Dow -420 24609
SP -36 2678
NAS -92 7181
Tran -51 10331
VIX +2.62 22.47
WTI-29 6135
Brent -53 6420
Gas -3 189
NG +3 270
HO -1 189
Eth unch 149
Gold unch 1318
Slvr +8 1648
2-yr -.048 2.214%
5-yr -.069 2.581%
10yr -.060 2.808%
30yr -.043 3.085%
Lexington, KY - Blue Grass Stockyards
Cattle Weekly Summary Report for the week ending 2/27/18
Receipts: 2048 Last Week: 1437 Year Ago:
**Total receipts include 594 head sold in cow sale Wed. night
Compared to last week steer and heifer calves sold steady to 3.00 higher with good demand. Yearling steers sold steady except 700-800 lb 3.00 to 5.00 higher with good demand. Quality was good through attractive. Slaughter cows sold 5.00 to 7.00 higher with good demand and slaughter bulls sold 3.00 to 4.00 higher with good demand.
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