Market Closes - March 2, 2015

Posted on Mar 2, 2015
CBOT futures closed sharply lower with the soy complex leading prices downward. Pressure came from disappointing weekly soybean export inspections for last week and a government crackdown on the Brazilian truckers who have been delaying deliveries to ports. Outside markets also weighed on CBOT futures with a stronger US dollar and higher energy futures.

Cattle futures closed strongly higher, continuing the upward momentum from last week. Recent strength in boxed beef values and April LC’s sharp discount to recent $159/cwt cash trade were supportive. Choice up 1.09 at 248.67; Select down 0.12 at 245.45. April LC could be ready to break chart resistance at the February highs. April LC dropped from $166 in early January to below $146 last week; a 50% retracement would be $156.

Lean Hog futures closed pit-trade with small gains but late-day selling moved prices to the negative side. Weakness in the pork markets may have weighed on the market late. FOB Plant Pork dropped .84 to 69.67. April LH contract has strong chart resistance at $70.00.

The DOW and the SP500 set new record highs. The Nasdaq traded above 5000 for the first time since March 2000.

Corn May -5 388; Jly -5 396; Dec -4 413 Bean May -18 1014; Jly -17 1018; Nov -12 985 Meal May -9 333; Oct -6 322 Oil -15 3265 Wheat May -13 500; Jly -13 504 KC -14 526; MGE -11 555 Oats unch 278 Rice +5 1079

LC Apr +175 15345; Jun +195 14580; Oct +127 14635 FC Mar +220 20410; May +165 20052; Aug +152 20270 LH Apr +20 6767; Jun +17 8305; Oct -5 7210 Milk Mar -25 1544; Apr -17 1570

US$ +.2%

Dow +156 18289 SP +13 2117 NAS +45 5008 Tran +78 9103 VIX -.30 13.04

WTI +3 4979 Brent -260 5998 Gas -6 191 NG -8 265 HO -8 190 Eth unch 145 Gold -7 1206 Slvr -15 1636

2-yr +.036 0.662% 5-yr +.075 1.579% 10yr +.087 2.089 30yr +.086 2.686%

Lexington Auction Weighted Average Report for 03/02/2015 Receipts: 539 Last Monday: 109 Year Ago: 803 Compared to last week featherweight steers and heifers sold steady however middleweight calves 400-700 sold 2.00 to 3.00 higher with good demand in a limited comparison with last week's light test. Very good demand for weaned offerings and calves in thin-flesh. Yearling steers sold 1.00 higher with moderate demand. Slaughter cows and Slaughter bulls sold steady with good demand. Quality was average through good.

This week’s supply included 56 percent that weighed over 600 lbs. 49 percent steers and 11 percent bull calves 0.6 percent Holstein Steers and 31 percent heifers of total recorded feeder supply. 36 head of slaughter cows with 100 percent going to slaughter. 7 head of slaughter bulls with 100 percent going to slaughter.

Tagged Post Topics Include: Economics, Market updates