Market Closes – March 11, 2014

Wheat futures stood up on their own today.  Support was credited to an extended dry period forecast in the Plains states. Corn futures closed moderately higher on support from the wheat market and relief that the soy complex didn’t keep going lower.

Soybeans and soybean meal futures appeared to respond to the unwinding of bull spreads (long old crop – short new crop). Old crop soybeans have been pressured by market talk of China cancelling several cargoes from South America, long waits to unload at China ports, and negative crush margins in China.

Cattle futures closed mostly lower except in the nearby April LC. There’s much uncertainty about the cash cattle market but rising boxed beef values and positive packer margins should support cash cattle. Choice carcasses up 2.57 at 241.47 and Select carcasses up 1.72 at 237.71/cwt.

Lean Hog futures closed strongly higher as pork prices keep rising. FOB Plant Pork Cutout up 2.59 to $117.53/cwt.  April LH set a new contract high ahead of the pit opening, but then sold off sharply when the pit opened. After an hour of trading, LH futures rallied the rest of the day to close higher.

Corn May +5 483; Jly +5 487; Dec +3 481
Bean May -6 1413; Jly -3 1391; Nov +13 1189
Meal May -1 444; Oct +5 367
Oil -11 4375
Wheat May +18 659; Jly +18 664
KC +17 728;  MGE +14 707
Oats +1 424
Rice +17 1538

LC Apr +7 14322; Jun -30 13610; Oct -37 13750
FC Mar +22 17392; Apr -15 17557; Aug -20 17780
LH Apr +110 11710; Jun +145 12495; Oct -35 9952
Milk Mar +5 2291; Apr +2 2144

US$ steady

Dow -67 16351
SP -10 1868
NAS -27 4307
Tran -20 7560
VIX +.60 14.80  +4.2%

WTI -159 9953
Brent +20 10828
Gas +1 296
NG -6 459
HO -1 296
Eth +2 228

Gold +8 1350
Slvr -8 2080

2-yr steady 0.374%
5-yr -.01 1.62%
10yr -.01 2.77%
30yr -.01 3.71%

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS —  Click Here

Tagged Post Topics Include: ,

Leave a Reply

Your email address will not be published. Required fields are marked *