Market Closes - March 16, 2016
Posted on Mar 16, 2016Cattle futures closed higher with the April LC contract benefitting from a third day of very strong boxed beef values. Choice closed up 2.91 at 233.92 and Select ended up 2.10 at 223.68. Traders expect cash cattle will trade higher than last week. Reports are that beef will be featured in grocery ads in April.
Lean Hog futures had positive closes, benefitting from a 1.07 jump in the FOB Plant Pork cutout to 76.81. Note that the midday quote was up 2.11. Hog packing margins are profitable.
The US Dollar dropped 1% on the Federal Reserve’s decision to not raise interest rates. The FOMC indicates there could be two rate increases in 2016. Crude oil and precious metal futures soared when the 2 pm EDT announcement was made.
Corn May unch 368; Jly unch 373; Dec -1 386 Bean May +2 894; Jly +2 900; Nov +2 905 Meal unch 268 Oil +20 3269 Wheat May -6 471; Jly -6 478 KC -5 484; MGE -4 515 Oats unch 195 Rice +11 1048
LC Apr +82 14155; Jun +42 13075; Oct +20 12390 FC Mar +47 16445; May +97 16477; Aug +77 16307 LH Apr +57 7130; Jun +45 8375; Aug +22 8130 Milk Apr +19 1359; May +8 1337
US$ -1% Dow +74 17326 SP +11 2027 NAS +35 4764 Tran +82 7729 VIX -1.85 14.99 -11%
WTI +226 3860 Brent +152 4026 Gas +1 142 NG +2 187 HO +5 123 Eth unch 143 Gold +32 1263 Slvr +37 1563
2-yr -.105 0.863% 5-yr -.103 1.385% 10yr -.046 1.913% 30yr -.010 2.710%
Tagged Post Topics Include: Economics, Market updates
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