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Market Closes - March 20, 2017

Posted on Mar 20, 2017

Corn and wheat futures closed lower and near the day’s lows; this followed a strong opening on Sunday evening supported by short-covering.  However, selling kicked in after trade reopened at 830 am CT. Old-crop corn futures traded above the 200-day moving averages overnight but closed well below that key level.  The result is bearish “outside down days” that could point to more losses.  Soybeans closed steady but still at the lows of the day.  Huge South American crops are weighing on the market.  Note that CFTC data show that the spec funds have moved to the short side of corn, as they are in wheat.  Funds remain long soybean futures.

Beyond the nearby Live Cattle contract, cattle futures closed slightly higher, reaching new highs for this rally that started in February. Futures were supported by last week’s stronger cash cattle market. Choice up 0.33 at 223.76; Select down 0.51 at 213.97. 

Lean Hog futures closed narrowly mixed with pressure coming from weaker cash hogs and pork cutout values. FOB Plant Pork closed down .14 at 8146. LH futures have been weakening since last Wednesday.


Corn May -4 363; Jly -4 371; Dec -3 386 (386-92)

Bean May unch 999; Jly unch 1009; Nov unch 993 (992-1001)

  Meal -2 327

   Oil +44 3274

Wheat May -6 430; Jly -6 445 (444-57)

  Jly KC -8 457; MGE -1 553

Oats +1 251

Rice -6 985

 

LC Apr -42 11890; Jun +12 10980; Oct +57 10582

FC Mar +15 13147; May +90 13127; Aug +72 13177

LH Apr -40 6865; Jun +5 7737; Aug -52 7710

Milk Apr -18 1510; May -20  1520

US$ steady

Dow -9 20906

SP -5 2373

NAS unch 5902

Tran -44 9101

  VIX +.06 11.34

 

WTI -40 4891

Brent -7 5169

Gas +1 161

NG +9 308

HO +1 151

Eth -1 153

Gold +4 1234

Slvr +2 1744

 

2-yr -.025 1.292%

5-yr -.033 1.987%

10yr -.037 2.463%

30yr -.034 3.077%

 

Low pathogenic avian influenza detected in western Kentucky
       
Christian County flock depopulated; surveillance continues
Monday, March 20, 2017
      FRANKFORT, Ky. — Federal and state authorities say a case of low pathogenic avian influenza has been detected in a commercial poultry flock in western Kentucky.  The affected premises is under quarantine, and the flock of approximately 22,000 hens was depopulated as a precautionary measure, Dr. Stout said.

 

February Milk Production in the United States down 1.2 Percent

   Milk production in the United States during February totaled 16.7 billion pounds, down 1.2 percent from February 2016. However, production was

2.3 percent above last year after adjusting for the leap year.

   Production per cow in the United States averaged 1,782 pounds for February, 33 pounds below February 2016.

   The number of milk cows on farms in the United States was 9.37 million head, 56,000 head more than February 2016, and 4,000 head more than January 2017.

Kentucky Farm Bureau Minute video  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here