Market Closes - March 11, 2015

Posted on Mar 11, 2015
CBOT futures closed moderately higher even as the US Dollar Index soared nearly one percent, hitting a new high for this move. The US$ is now 25% stronger than it was last July 1st. That’s like raising U.S. export prices 25%.

Yesterday’s USDA WASDE report wasn’t a market-mover although the 2014-15 U.S. ending stocks estimates were at the low end of estimates for corn and the high end for soybeans. One positive number was a 2.3% cut in World ending stocks. The trade will now focus on the March 31st Planting Intentions report. March futures contracts expire on Friday.

Both grain and livestock traders are keeping an eye on the expanding cases of avian influenza in turkey flocks in Minnesota, Missouri and now Arkansas. This week’s development is the first time AI has been found in the Mississippi flyway (migratory birds can spread disease). Read more here. This has the potential to reduce poultry exports if it spreads to broiler operations in multiple states.

Cattle futures rose strongly with sharp gains in Feeder Cattle futures. Futures have been trending higher for over two weeks as cash markets outperformed futures. Choice carcasses down 0.32 at 247.47; Select down 0.24 at 244.88.

Lean Hog futures fell sharply on continued concerns about nearby demand for pork. The April LH contract dropped to the February lows but deferred LH futures hit new contract lows. Supply is up, pork exports are down and the stronger US dollar will make it harder to export. FOB Plant Pork cutout dropped .42 to 68.21.

Reminder: March 15 is the Crop Insurance Deadline for spring planted crops and for the Noninsured Crop Disaster Assistance Program (NAP)

Corn May +3 391; Jly +3 398; Dec +2 414 Bean May +8 993; Jly +8 997; Nov +6 971 Meal May +2 333; Oct +2 323 Oil +14 3110 Wheat May +6 499; Jly +5 502 KC +5 541; MGE +2 567 Oats unch 282 Rice +21 1073

LC Apr +85 15560; Jun +67 14692; Oct +62 14737 FC Mar +237 21460; May +290 21125; Aug +317 21230 LH Apr -185 6412; Jun -247 7620; Oct -192 6857 Milk Mar +9 1551; Apr +10 1557

US$ +.9% new high for this move; a 12-year high.

Dow -28 17635 SP -4 2040 NAS -10 4850 Tran +99 8897 VIX +.18 16.87

WTI +13 4842 Brent +156 5795 Gas +1 183 HO +2 183 Eth +2 150 Gold -7 1153 Slvr -14 1547

2-yr unch 0.684% 5-yr +.001 1.607% 10yr -.018 2.110% 30yr -.035 2.686%

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Tagged Post Topics Include: Economics, Market updates