Market Closes - March 26, 2014

Posted on Mar 26, 2014
CBOT futures closed mixed with soybeans and meal futures up for the third straight day.  Nearby contracts are moving back toward chart resistance marked by the “double top”.  This convergence of price resistance and Monday’s USDA reports could create a big price move.

Wheat futures traded the weakest as traders hear that rain chances will be better next week (on top of nice rains today in OK/KS).  The KC and MGE wheat contracts failed at key chart resistance levels.

Cattle and hog futures closed higher on strength in fed cattle prices and beef/pork values. Lean Hog futures were down sharply early but rallied quickly once the pit trade opened; this was followed by a volatile trading range the rest of the day.  Pork values climbed about 50 cents today.  Boxed beef values: Choice up 0.51 at 241.76 and Select down 1.14 at 233.31/cwt.

According to PORK Network, “Farrow-to-finish margins topped $100 per head last week and finished the week ending March 21 at $103.60, the highest level in Sterling Pork Profit Tracker history. The previous week, margins were $84.70 per head and just $4 per head at this time last year.”  Click HERE.

US equity indexes moved to the downside throughout the afternoon. The down market is blamed on heightened concern about Ukraine’s situation. The stock market fear index, as indicated by the VIX, jumped 6.5% today. The move toward safer investments drove Treasury yields lower.

Corn May -2 484; Jly -2 489; Dec -2 484 (482-86) Bean May +12 1440; Jly +9 1410; Nov +4 1193 (1184-94) Meal May +5 469; Oct +2 380 Oil -1 4073 Wheat May -11 697; Jly -10 701 (699-715) KC -19 771;  MGE -15 744 Oats +2 404 Rice +5 1539

LC Apr +147 14585; Jun  +127 13770; Oct +82 13940 FC Mar +72 17795; Apr +127 17862; Aug +107 18052 LH Apr +90 12255; Jun +115 12635; Oct -50 10175 Milk Apr -32 2351; May -42 2145

US$ +.1%

Dow -99 16269 SP -13 1853 NAS -61 4174 Tran -119 7430 VIX +.91 14.93

WTI +110 10029 Brent -4 10695 Gas +2 290 NG -2 439 HO unch 292 Eth -3 294

Gold -6 1305 Slvr -15 1980

2-yr +.02 0.45% 5-yr -.045 1.68% 10yr -.04 2.69% 30yr -.04 3.54%

Blue Grass East Stockyards Cattle Auction Report for 03/26/2014 Cattle Receipts:  943   Last Week:  1082   Year Ago:  295 Compared with last week steer and heifer calves sold mostly steady on good quality calves with very good demand for featherweight calves. Quality was plain through good.  Yearling steers limited comparison.  Yearling heifers not tested.  Slaughter cows sold 3.00 to 5.00 lower with moderate demand.  Slaughter bulls sold 1.00 to 3.00 lower with moderate demand.  Very good demand for Holstein groups today. 

KENTUCKY CASH GRAIN PRICES Click Here 

KENTUCKY LIVESTOCK AUCTIONS --  Click Here

Tagged Post Topics Include: Economics, Market updates