Market Closes – March 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.

Kentucky Farm Bureau Minute video  – Click Here 

KENTUCKY CASH GRAIN PRICES Click Here 

KENTUCKY LIVESTOCK AUCTIONS —  Click Here

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