Market Closes - March 27, 2015
Posted on Mar 27, 2015Traders are prepping for the midday Tuesday acreage and stocks reports from USDA. Once those numbers are published, attention will turn to the weather impact on planting. Tonight’s 6-14 day maps show above normal rainfall in the Corn Belt (down to the Gulf of Mexico), and most “wet” in the Ohio Valley. The upper Midwest is expected to remain cooler than normal. This suggests a slow start to corn planting.
Cattle futures closed higher with big gains in Feeder Cattle. After a big move higher on Monday, cattle futures have mostly moved sideways looking for more cash market support. Boxed beef was near steady today with Choice carcasses up 0.13 at 250.80; Select down 0.25 at 246.71. USDA reported light feedlot sales with KS trading $165, up $2/cwt from a week ago.
Lean Hog futures closed little changed ahead of this afternoon’s Hogs and Pigs Report. Futures did well considering that the FOB Plant Pork cutout value dropped 1.90 to 65.35. The H&P report showed the market hog inventory up 7.7% which is a little higher than the average trade guess of +7.2%. The “friendly” surprise is in the breeding herd at +2.2%, compared to the trade guess of +3.5%. The December 2014-February 2015 Pig Crop was up 9%, very close to trade expectations. The average Pigs Saved per Litter set a new record of 10.17 for the Dec-Feb quarter. Remember that year-ago pig statistics were impacted by pig deaths due to PED virus. View HOGS & PIGS report here.
Corn May unch 391; Jly unch 399; Dec unch 415 (413-17) Bean May -7 967; Jly -7 972; Nov -6 949 (947-57) Meal May -1 321; Oct unch 314 Oil -57 3060 Wheat May +8 508; Jly +7 512 (504-13) KC +9 558; MGE +11 580 Oats -5 272 Rice -12 1099
LC Apr +95 16262; Oct +45 15170; Dec +17 15197 FC Apr +205 21927; Aug +202 21922; Oct +237 21675 LH Apr +15 6112; Jun -15 7500; Oct -57 6692 Milk Apr +5 1555; May +20 1550
US$ steady
Dow +34 17713 SP +5 2061 NAS +28 4891 Tran +22 8700 VIX -.73 15.07
WTI -256 4887 Brent -307 5612 Gas -9 180 NG -8 260 HO -5 173 Eth unch 150 Gold -6 1198 Slvr -17 1697
2-yr -.024 0.598% 5-yr -.036 1.437% 10yr -.046 1.963% 30yr -.058 2.542%
Kentucky Weekly Livestock Summary for the week of Mar 20-26, 2015. Receipts This Week Last Week Last Year 31,589 26,465 28,052 Compared to last week, Feeder Steers sold steady to 2.00 higher and Feeder Heifers steady to 3.00 higher with instances sharply higher below 500 lbs. Demand was good to very good for all feeder classes. Slaughter Cows were 2.00 to 4.00 lower with moderate demand and Slaughter Bulls steady to 2.00 with moderate to good demand.
Supply: Slaughter Cows 6 percent; Slaughter Bulls 1 percent; Feeder cattle 90 percent. In the feeder supply, Steers made up approximately 39 percent and Heifers approximately 40 percent. Steers and Heifers over 600 lbs totaled approximately 42 percent. Replacement cattle 3 percent.
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Tagged Post Topics Include: Economics, Market updates
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