Market Closes - March 31, 2015

Posted on Mar 31, 2015
CBOT futures closed mixed today with some major price moves resulting from today’s USDA acreage and stocks reports. May Soybeans traded a 30-cent range right after the USDA reports were released – both higher and lower. Soybean futures set new 5-6 month lows. Soybean data was generally supportive as soybean planting intentions of 84.6 million acres was 1.3 million below the average guess. Corn futures crashed immediately on news of larger corn stocks than expected along with nearly 0.5 million more acres of corn to be planted than expected. Corn futures tested the top end of the 2015 sideways trading range before the report; now futures are near the bottom of that range. USDA data was not bearish for wheat but futures collapsed with the corn market. Wheat futures pretty much reversed most of Monday’s sharp price gains. A stronger US Dollar and lower energy prices also weighed on the CBOT. The spec funds were big sellers of corn and wheat futures while buying beans and meal.

Cattle futures closed lower but remain within $1-2 of recent highs. Futures have traded fairly narrow and similar price ranges the past 7 trading days. Cash cattle prices rose $2/cwt last week; USDA’s 5-Area average price was $165.57. April Live Cattle are at a $4/cwt discount. Futures may find support from the rising boxed beef values today -- Choice up 2.43 at 254.13; Select up 1.02 at 248.64.

Lean Hog futures closed higher with prices adding to the gains made since lows were set last week. Even with the pork cutout being near unchanged today, traders appear to be covering some short positions as a market low appears to be in place.

Corn May -18 376; Jly -18 384; Dec -17 401 (400-21) Bean May +5 973; Jly +5 978; Nov +6 955 (934-61) Meal may +4 327; Oct +3 318 Oil -10 3039 Wheat May -18 512; Jly -19 514 (512-34) KC Jly -17 564; MGE -15 580 Oats -5 265 Rice -24 1087

LC Apr -117 16132; Jun -65 15232; Oct -57 15120 FC Apr -50 21812; Aug -62 21827; Nov -55 21490 LH Apr +112 6242; Jun +25 7580; Oct +65 6915 Milk Apr +7 1565; May +11 1588

US$ +.5%

Dow -200 17776 SP -18 2068 NAS -47 4901 Tran -47 8741 VIX +.78 15.29

WTI -115 4753 Brent -123 5506 Gas -2 177 NG unch 264 HO -2 171 Eth -4 150 Gold -2 1183 Slvr -4 1663

2-yr -.032 0.559% 5-yr -.047 1.372% 10yr -.034 1.927% 30yr -.015 2.540%

Lexington Auction (Tues) Weighted Average Report for 03/31/2015 Receipts: 1199 Yesterday: 1249 Year Ago: 1246 Compared to yesterday steer and heifer calves sold 2.00 to 5.00 higher with very good demand for 400-600 lb steer calves . Very good demand for featherweight heifer calves and 600-700 lbs heifers. Slaughter cows and Slaughter bulls sold steady with moderate demand.

This week’s supply included 51 percent that weighed over 600 lbs. 41 percent steers and 15 percent bull calves 0.0 percent Holstein Steers and 44 percent heifers of total recorded feeder supply. 59 head of slaughter cows with 90 percent going to slaughter. 16 head of slaughter bulls with 94 percent going to slaughter.

Tagged Post Topics Include: Economics, Market updates