Market Closes - March 13, 2018

Posted on Mar 13, 2018

CBOT futures closed mixed with good trading ranges. Corn traded to new highs for 2018 but closed well off the highs in old-crop. Soybean futures were supported by strong fund buying as prices recovered for a second day following Friday’s big selloff. Soybean meal and oil both contributed to the soybean rally today. Futures set the day’s highs before 11 am CT and then weakened; only the soy complex saw a move up during the closing trade. Wheat futures were weak into the close with pressure apparently coming from private midday weather forecasts for rain in parts of the southern Plains.

Cattle futures closed mostly lower, but the nearby April Live Cattle contract ended up slightly.  LC and FC traded lower throughout the morning but headed up before lunch; this resulted in mid-range closing prices. The April LC was supported by fed cattle trading at near-steady prices to last week. Cash is holding up thanks to the strong boxed beef market; cutouts are at the highest level since last June. Today, Choice was down 0.17 at 223.73; Select carcasses down 0.74 at 216.75. 

Lean Hog futures closed only slightly higher. LH rallied nicely early morning but turned lower mid-morning, leaving the closes well below the day’s highs. LH was supported by Monday’s strong pork cutout and follow-through at midday. However, pork values fell back by the end of day. FOB Plant Pork slipped .25 to 74.63; the midday quote was 75.85. Strength in loins and bellies was offset by ham and rib weakness.
 

Corn May +1 392 (390-95); Dec +2 410 (407-11)

Beans May +8 1049 (1041-52); Nov +8 1044 (1036-44)

  Meal +5 375

  Oil +47 3222

Wheat May -4 486; Jly -3 504 (502-15)

  KC -2 520; MGE +1 625

Oats unch 263

Rice -3 1227

 

LC Apr +35 12190; Aug -5 11077; Oct -35 11370

FC Mar -62 14155; May -97 14312; Aug -102 14805

LH Apr +5 6772; Jun +42 7747; Aug +40 7872

Milk Mar +2 1420; Apr -7 1383
 

US$ -.2%

Dow -172 25007

SP -18 2765

NAS -77 7511

Tran +51 10758

  VIX +.57  16.35

 

WTI -65 6071

Brent -18 6477

Gas -1 189

NG +1 279

HO +1 187

Eth +1 152

Gold +6 1327

Slvr +9 1663

 

2-yr -.008 2.258%

5-yr -.014 2.621%

10yr -.026 2.844%

30yr -.030 3.099%

Lexington Auction
Weighted Average Report for 03/12/2018
Receipts:  755    Last Week:  1602    Year Ago:  714
      Compared to last Monday steer calves sold mixed with lightweights trading 2.00 lower with moderate demand and yearlings 2.00 higher with good demand. Heifer calves sold steady to 2.00 lower with moderate demand.  Winter storm overnight reduced demand for lightweight calves. Quality was average through attractive.  Slaughter cows and slaughter bulls sold steady with moderate demand.

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