Market Closes - March 24, 2016

Posted on Mar 24, 2016
CBOT futures closed steady to higher with corn and soybean futures erasing yesterday’s losses. Soybean futures were supported by better export prospects due to troubles in Brazil and continuation of the strength in soybean meal futures (which was up strongly on unwinding of the soymeal/soybean oil spread). Wheat futures sold off when markets opened at 830 am but rallied back to near unchanged by the closing bell. Today’s drought monitor shows drought expanding in southern Kansas. Cattle futures traded both sides of unchanged and managed to close up slightly to end the short week. This ends a 5-day run of lower futures. Cash cattle are likely down $3/cwt this week and boxed beef values continue to slide. Choice carcasses down 1.34 at 224.84; Select carcasses down 0.84 at 217.31. These values are lower than the midday quotes of 225.53 and 218.86.

Lean Hog futures closed near steady in the nearby April LH contract but down sharply in the summer contracts. Tomorrow’s Quarterly Hogs and Pigs Report will likely determine price direction on Monday. The average trade guesses are: 100.3% All Hogs and Pigs 100.6% Breeding Inventory 100.1% Dec-Feb Pig Crop

FOB Plant Pork dropped 1.41 to 75.55 on sharp losses in most cuts.

Markets are closed on Good Friday and will reopen Sunday evening for grains and Monday morning for livestock.

Corn May +1 370; Jly +1 374; Dec +1 387 Bean May +5 910; Jly +5 918; Nov +5 923 Meal +4 275 Oil -18 3318 Wheat May unch 463; Jly unch 471 KC unch 472; MGE +2 514 Oats unch 187 Rice -4 1026

LC Apr +40 13585; Jun +27 12537; Oct +80 12037 FC Apr +27 15582; Aug +60 15485; Oct +110 15165 LH Apr -5 6962; Jun -192 8085; Aug -130 7922 Milk Apr +11 1388; May +6 1376

 

US$ +.1% Dow +13 17516 SP -1 2036 NAS +5 4773 Tran -31 7926 VIX -.2 14.74

WTI -20 3959 Brent -2 4045 Gas +1 147 NG +1 181 HO -1 120 Eth +2 142 Gold -2 1222 Slvr -7 1520

2-yr +.021 0.873% 5-yr +.026 1.378% 10yr +.025 1.900% 30yr +.022 2.672%

Kentucky Farm Bureau Minute video  - Click Here 

KENTUCKY CASH GRAIN PRICES Click Here 

KENTUCKY LIVESTOCK AUCTIONS --  Click Here

Tagged Post Topics Include: Economics, Market updates