Market Closes - March 12, 2018

Posted on Mar 12, 2018

CBOT futures opened lower on Sunday evening and soon set today’s lows. With a late rally in corn and wheat futures, The CBOT closed mostly steady to higher.  Corn and soybeans were supported by export shipments at the high end of traders’ estimates. Corn exports are on pace to reach the USDA season forecast. Traders will continue to watch weather in Argentina and the U.S. Plains states; this is currently a supportive factor. On the speculative fund side, they supposedly hold huge long positions in corn and soybean futures.  

Cattle futures closed lower today, taking prices back near Thursday’s closing prices when the market dropped hard to new lows for this move. Although April LC futures are at a $5.00 discount to the last cash trade, traders anticipate lower cash cattle as beef production ramps up in the second quarter of 2018. Choice beef lost .24 to 223.90 and Select gained .23 to 217.49.

Lean Hog futures closed moderately lower as the trend remains down. The June LH contract hit a new low for the move. Futures didn’t respond to the stronger pork cutout. FOB Plant Pork gained 1.45 to 74.88

Corn May unch 391; Dec unch 408 (403-08)

Bean May +2 1041; Nov +6 1036 (1024-37)

  Meal -3 370

  Oil +16 3175

Wheat May +1 491; Jly +2 507 (499-509)

  KC +2 522; MGE +7 624

Oats unch 263

Rice -2 1230

 

LC Apr -157 12155; Jun -102 11327; Oct -35 11405

FC Mar -35 14217; May -55 14410; Aug -67 14907

LH Apr -17 6767; Jun -62 7705; Aug -45 7832

Milk Mar -1 1418; Apr -11 1392

 

US$ -.2%

Dow -157 25179

SP -4 2783

NAS +28 7588

Tran -33 10707

  VIX +1.14 15.78

 

WTI -65 6139

Brent -52 6497

Gas -1 189

NG +6 279

HO -2 187

Eth unch 151

Gold unch 1323

Slvr -7 1654

 

2-yr -.004 2.262%

5-yr -.019 2.635%

10yr -.028 2.866%

30yr -.031 3.128%

 

Kentucky Weekly Livestock Summary for the week of Mar 5-Mar 10, 2018
Receipts: 25,295       Last Week 19,260      Last Year 22,486
   Compared to last week feeder cattle were mixed due largely in part to weather conditions. Favorable weather was commonplace in parts of the state, while some areas are still experiencing flood conditions thus hampering livestock movement and demand. Moderate to heavy offerings of cattle this week, with demand moderate to good.  Slaughter cows and bulls were mostly steady to 2.00 higher.        
 

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