Market Closes - March 25, 2014

Posted on Mar 25, 2014
CBOT futures took a rest today and traded in narrower price ranges than yesterday. Traders’ focus is turning more to next Monday’s plantings and grain stocks reports. The average trade guesses for next Monday’s USDA Prospective Plantings Report are approximately 92.9 million acres of corn (down from 95.4 million in 2013) and 81.2 million acres for soybeans (UP sharply from 76.5 million in 2013). Note that some firms expect 83 million acres or more; the implied 2014/15 carryout could be bearish.  Is your marketing plan in good shape?

The relative weakness in Chicago wheat versus KC Wheat may have resulted from spreading between the markets due to ongoing dry soils in the southern Plains.

Cattle futures closed higher at the end of pit trade and then continued higher the rest of the afternoon.  April finished at $145.35 which is up $1.20 on the day. The April LC has strong chart resistance at the $146.92 area.  While box beef values weren’t supportive today, some cash cattle reportedly sold at $152, up $2 from last week. Choice beef up 0.13 at 241.25 and Select down 1.48 at 234.45/cwt.

The bullish attitudes fed by PEDv fears have faded away for now.  Lean Hog futures had several contracts close pit-trading at locked-limit down. However, the April LH contract started trading again after 230 pm CT, ending about 40 cents off the lows. One can understand why traders would prefer to cash out big profits before USDA possibly shakes things up on Friday afternoon.  Pork cutout values ended the day down just slightly from Monday’s close.  Cash hog prices were mostly lower by more than a dollar/cwt.  The CME Lean Hog Index at $122.57 on Friday continues to catch up with the cash market and is now fairly priced with the nearby APRIL LH contract.

Corn May -3 486; Jly -3 491; Dec -1 486 Bean May +2 1428; Jly +2 1401; Nov +5 1189 Meal May +2 464; Oct +2 378 Oil -10 4074 Wheat May -6 708; Jly -5 712 KC Jly unch 790; MGE unch 759 Oats -15 402 Rice -18 1533

LC Apr +22 14437; Jun unch 13642; Oct +17 13857 FC Mar +52 17722; Apr +105 17735; Aug +52 17945 LH Apr -300 limit 12165; Jun -300 12520; Oct -300 10225 Milk Apr -26 2383; May -22 2187

US$ unch

Dow +91 16368 SP +8 1866 NAS +8 4234 Tran +39 7549 VIX -1.07 14.02

WTI -38 9922 Brent +14 10695 Gas unch 289 NG +13 440 HO +1 292 Eth -2 297

Gold unch 1312 Slvr +1 2005

Blue Grass Stockyards Cattle Report for 03/25/2014 Receipts:  1018   Last Tuesday:  1353   Year Ago:  449 Compared to Monday’s sale steer calves sold steady except featherweight calves under 400 lbs 5.00 higher with very good demand. Heifer calves sold mostly steady with good demand.  Quality was average through attractive.  Yearling steers sold steady with good demand.  Yearling heifers limited comparison.  Slaughter cows sold steady to 1.00 lower with good demand. Slaughter bulls sold steady with very good demand.

Total supply included 11% slaughter cows, 02% slaughter bulls, less than 01% replacements and 86% feeders.  Feeder supply 47% steers, 11% bulls, 42% heifers with 60% of feeders weighing over 600 lbs.

KENTUCKY CASH GRAIN PRICES Click Here 

KENTUCKY LIVESTOCK AUCTIONS --  Click Here

Tagged Post Topics Include: Economics, Market updates