Market Closes - March 23, 2015

Posted on Mar 23, 2015
CBOT futures closed higher on a weaker US dollar, higher energy futures, some short-covering ahead of USDA reports on March 31, and weather concerns for southern Plains wheat. Wheat futures settled off the day’s highs on talk that rains will come in April. Watch the price charts for key price resistance levels that, if broken, could signal additional price increases into planting season.

Cattle futures closed sharply higher with the nearby April LC contract ending limit up. With cash cattle trading at $163 on Friday, April LC had some catching up to do. Boxed beef reversed some of Friday’s losses. Choice carcasses up 1.28 at 245.79; Select carcasses down 0.05 at 243.23. Many cattle futures contracts “gapped higher” today which is a bullish sign. April LC has rallied over $15/cwt since February 25. March FC gained $21/cwt.

Lean Hog futures closed pit-trading mixed with the nearby April LH contract up 80 cents. However, late-day pork values slid lower and the April LH price dropped back to 58.70 in e-trade. FOB Plant Pork closed down .14 at 67.89. Traders keep looking for the “bottom” to ride a profitable rally but futures are languishing at/near contract lows.

Corn May +5 390; Jly +5 398; Dec +5 414 Bean May +10 983; Jly +10 988; Nov +9 965 Meal May +3 327; Oct +2 318 Oil +47 3115 Wheat May +4 534; Jly +4 538 KC Jly +5 580; MGE +1 595 Oats +2 281 Rice +11 1103

LC Apr +300 limit 16135; Jun +252 15300; Oct +180 15182 FC Mar +210 21697; May +327 21867; Aug +360 21967 LH Apr +80 5925; Jun -22 7362; Oct +80 6570 Milk Apr -11 1539; May -12 1499

US$ -.8%

Dow -12 18116 SP -4 2104 NAS -15 5011 Tran -180 8968 -2% VIX +.39 13.41 +3%

WTI +88 4745 Brent +51 5583 Gas +1 180 NG -5 273 HO steady 173 Eth +4 150 Gold +3 1188 Slvr +9 1697

2-yr -.008 0.577% 5-yr -.026 1.390% 10yr -.021 1.909% 30yr +.005 2.509%

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Tagged Post Topics Include: Economics, Market updates