Market Closes - March 4, 2015

Posted on Mar 4, 2015
CBOT futures fell sharply with losses attributed to a stronger US Dollar (hit a new high for this move and hasn’t been this high since 2003). Lower crude oil prices in the morning also weighed on the market but crude rallied by midday to close with gains. Thursday’s trading will be impacted by USDA’s weekly export sales reports.

Cattle futures soared higher with some contracts hitting the limit up moves of $3.00 in Live Cattle and $4.50 in Feeder Cattle. Futures started the day lower but quickly found strong technical buying and pushed prices sharply higher (but remember these contracts fell yesterday). Choice beef down 1.03 to 248.58 and Select up 1.95 to 247.23. The cattle charts posted strong bullish reversals; let’s see if there’s follow-through buying tomorrow and if the fed cattle market provides some help.

Lean Hog futures also started the day to the downside but then rallied sharply the rest of the day. April LH had a price range exceeding $4.00 today. Like cattle futures, today’s gains are exaggerated due to Tuesday’s large losses.  FOB Plant Pork gained .97 to 69.98 as the belly value bounced back from yesterday’s sharp drop.

Corn May -1 389; Jly -2 397; Dec -3 414 Bean May -18 994; Jly -17 1000; Nov -15 973 Meal May -6 327; Oct -5 318 Oil -77 3203 Wheat May -10 496; Jly -7 503 KC -8 527; MGE -5 566 Oats +1 285 Rice +10 1072

LC Apr +300 limit 15405; Jun +265 14632; Oct +177 14705 FC Mar +450 limit 20722; May +450 20277; Aug +450 20537 LH Apr +240 6800; Jun +102 8155; Oct +170 7172 Milk Mar -9 1539; Apr -23 1530

US$ +.6%

Dow -106 18097 SP -9 2099 NAS -13 4967 Tran -41 9017 VIX +.37 14.23 +2.7%

WTI +114 5166 (low 4960) Brent -57 6045 Gas -3 192 NG +7 278 HO -4 190 Eth +3 150 Gold -4 1200 Slvr -12 1614

2-yr -.023 0.659% 5-yr -.025 1.589% 10yr -.003 2.119% 30yr +.009 2.720%

Tagged Post Topics Include: Economics, Market updates