Market Update - February 4, 2015
Posted on Feb 4, 2015Fundamentals continue to weigh on the CBOT as South American weather is favorable so the SA soybean crop will be record large even if it’s smaller than previous estimates. Increased farmer selling in USA and South America is reported with the big price jump.
Cattle futures are lower except for the nearby February LC contract which remains at a sharp discount to last week’s average cash price around $159/cwt. Boxed beef pricing is mixed at midday. Choice beef down .52 to 242.59 and Select up 1.07 to 236.21. Feeder futures are lower but well above the lows posted Tuesday.
Lean Hog futures are down sharply as the Pork cutout took a big hit yesterday. The technical (trend is down) and fundamental picture remains bearish. February LH is trading at a new contract low. FOB Plant Pork is up .42 to 76.67.
Corn Mar -2 384; Jly -2 399; Dec -2 414 Bean mar -13 974; Jly -12 986; Nov -9 957 Meal Mar -7 334; Oct -5 316 Oil +2 3082 Wheat Mar +2 515; Jly +1 523 KC +3 562; MGE -3 573 Oats +3 283 Rice -20 1018
LC Feb +7 15382; Apr -72 14985; Oct -77 14420 FC Mar -145 19805; May -125 19920; Aug -117 20210 LH Feb -180 6540; Apr -220 6867; Jun -242 8020 Milk Feb -4 1582; Mar unch 1575
US$ +.4%
Dow +.3% SP steady NAS +.1% Tran steady VIX -.1%
WTI -5% Brent -3.2% Gas -5% NG -3% HO -2.2% Eth -.7% Gold +.3% Slvr +.9%
5-yr +.039 1.317% 10yr +.044 1.824% 30yr +.045 2.417%
Tagged Post Topics Include: Economics, Market updates
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