Market Closes - March 3, 2015

Posted on Mar 4, 2015
CBOT futures closed mixed with some wide trading ranges in corn and wheat futures which started lower and ended higher. Wheat futures tested last week’s lows and rallied – a positive chart pattern – on short-covering. Soybeans also rallied the last 3 hours of trading but still ended with a loss in old-crop contracts. U.S. soybean basis eased a bit. Higher energy futures supported the CBOT.

Cattle futures closed sharply lower after the past 4 days of trading had lifted the April LC contract around $8.00. However, with April LC near chart resistance (early February highs), technical selling carried the day. April LC is now below the closely-watched 40-day moving average ($152.73 tonight). Boxed beef closed mixed with Choice UP 0.94 at 249.61 and Select down 0.17 at 245.28.

Lean Hog futures also fell sharply today on weaker hog prices and pork cutouts. FOB Plant Pork dropped .66 to 69.01 on a 5% drop in the belly value. Sharp losses in the cattle pit didn’t help. The seasonal factor is working against a price rally. April LH fell to a price level last seen on February 19.

Corn May +3 391; Jly +3 399; Dec +3 416 (410-17) Bean May -1 1012; Jly -1 1017; Nov +2 988 (978-90) Meal May -1 333; Oct unch 323 Oil +15 3280 Wheat May +6 506; Jly +6 510 (497-510) KC +9 535; MGE +15 571 Oats +6 284 Rice -17 1062

LC Apr -240 15105; Jun -212 14367; Oct -107 14527 FC Mar -137 20272; May -225 19827; Aug -182 20087 LH Apr -207 6560; Jun -252 8052; Oct -207 7002 Milk Mar +2 1548; Apr -12 1553

US$ -.1%

Dow -85 18203 SP -10 4980 NAS -28 4980 Tran -44 9058 VIX +.82 13.86 +6.3%

WTI +106 5065 Brent +146 6100 Gas +4 194 NG +1 271 HO +4 193 Eth +3 147 Gold -5 1203 Slvr -22 1618

2-yr +.020 0.682% 5-yr +.031 1.609% 10yr +.038 2.122% 30yr +.032 2.717%

Lexington Auction (Tues) Weighted Average Report for 03/03/2015 Receipts: 1011 Monday: 539 Year Ago: 214 Compared to yesterday steer and heifer calves sold steady with good demand. Very good demand for weaned middleweights and 600-700 lb offerings and calves in thin-flesh. Yearling steers sold about steady with moderate demand. Yearling heifers no comparison. Slaughter cows and Slaughter bulls sold steady with good demand. This week’s supply included 89 percent that weighed over 600 lbs. 57 percent steers and 02 percent bull calves and 38 percent heifers of total recorded feeder supply. 24 head of slaughter cows with 98 percent going to slaughter. 6 head of slaughter bulls with 100 percent going to slaughter.

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Tagged Post Topics Include: Economics, Market updates