Market Closes - March 7, 2016 - Kentucky Farm Bureau

Market Closes - March 7, 2016

Posted on Mar 7, 2016
CBOT futures closed higher but very near the day’s lows. Futures opened higher on Sunday night, wavered during the day trade and closed very weakly in the final minutes. A very strong energy futures market was supportive as was the weaker US Dollar. Friday’s CFTC report showed the speculators had been aggressive sellers going into March 1st. The strong rally of March 3-4 was aided by short-covering. Traders are positioning ahead of Wednesday’s USDA WASDE Report. Wheat traders are closely watching the moisture situation in the southern Plains as the wheat crop has broken dormancy early.

Cattle futures closed mixed but generally continue a sideways trading pattern, waiting for better direction from the cash market. Last week’s trade ranged $135-137/cwt. In boxed beef, Choice ended up 0.45 at 221.42; Select up 1.75 at 213.74.

Lean Hog futures closed little changed except for the nearby April LH contract which was pressured by its premium to the cash hog market. The pork market firmed up this afternoon. FOB Plant Pork gained .62 to 75.84 with all cuts up in value.

USDA announced that it will NOT publish a mid-year July Cattle Inventory report due to budget constraints.

Corn May +1 359; Jly +1 365; Dec +1 379 Bean May +3 882; Jly +3 887; Nov +2 893 Meal unch 271 Oil +21 3117 Wheat May +2 463; Jly +2 469 KC +2 471; MGE +3 501 Oats +6 188 Rice +19 1070

LC Apr -40 13595; Jun -40 12607; Oct -45 12162 FC Mar -55 15795; May +20 15735; Aug +67 15775 LH Apr -75 7005; Jun -2 8120; Aug +20 8035 Milk Mar +9 1387; Apr +10 1363

 

US$ -.2% Dow +67 17074 SP +2 2002 NAS -9 4708 Tran +34 7686 VIX +.49 17.35

WTI +206 3798 Brent +206 4078 Gas +6 139 NG +4 171 HO +6 122 Eth +1 139 Gold -3 1268 Slvr -3 1566

2-yr +.032 0.910% 5-yr +.028 1.414% 10yr +.021 1.904% 30yr +.003 2.706%

Kentucky Weekly Livestock Summary for the week of Feb 29-Mar 5 2016. Receipts This Week Last Week Last Year 21,797 21,597 12,728 Compared to last week, steer calves below 600 lbs sold 2.00 to 5.00 higher, above 600 lbs steady to firm. Heifer calves below 600 lbs were 2.00 to 4.00 higher, above 6.00 lbs steady to 2.00 higher. Yearling steers and heifers sold 2.00 to 3.00 higher. Demand below 600 lbs was good to very good, above 600 lbs moderate to good. Slaughter cows and bulls were steady to 2.00 higher with good to very good demand.

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Tagged Post Topics Include: Economics, Market updates


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