Market Closes - December 6, 2016
Posted on Dec 6, 2016CBOT futures closed mixed again today with minimal price changes. Futures climbed through the morning on good corn/bean export news, but began their sell-off about 11:15 CT. This resulted in mid-range closing prices in corn and soybeans, but wheat ended near the day’s lows on weakness into the closing bell. Technically, corn traded above the chart downtrend, but closed below it. Soybean futures challenged the fall 2016 high posted last Monday, but closed well below it as traders booked profits. Wheat futures were pressured in part by a higher-than-expected Canadian wheat production estimate. Weaker crude oil prices and a stronger US dollar also weighed on markets. The extreme Artic cold sweeping the USA this week will keep wheat traders alert for winter kill, although that’s not likely.
Cattle futures traded lower for the first 30 minutes of trading but then trended higher the rest of the trading day; this resulted in very strong closes and the high end of the trading range. Futures were supported by fund buying given the December LC contract’s sharp discount to this week’s early trades at $112/cwt in Kansas. Boxed beef was firm at midday, but closed weaker. Choice 1-3 600-900 lbs carcasses dn 0.88 at 190.51; Select 1-3 600-900 lbs carcasses unchanged at 173.23. The Fed Cattle Exchange will trade cash fed cattle online tomorrow.
Lean Hog futures gapped higher at the opening and never looked back, resulting in sharply higher closes near the day’s highs. Buying was spurred by stronger cash hog prices which USDA reported at $49.52, up $1.99 from Monday. A stronger pork market was also supportive -- FOB Plant Pork closed up .45 at 74.51, compared to 74.97 at midday. Pork packer margins are very strong, so they are competing for hogs.
Corn Mar +1 360; Jly +1 374
Bean Jan +4 1048; Jly +5 1070
Meal +2 322
Oil +15 3782
Wheat Mar -1 407; Jly -1 432
KC -3 405; MGE -1 534
Oats +5 218
Rice -2 996
LC Dec +202 10985; Apr +205 11102; Jun +145 10200
FC Jan +252 12685; Apr +237 12345; Aug +245 12325
LH Dec +187 5337; Feb +267 5747; Jun +202 7472
Milk Dec -4 1699; Jan -20 1655
US$ +.3% 100.46
Dow +36 19252 - a new RECORD HIGH
SP +8 2212
NAS +24 5333
Tran +59 9140
VIX -.39 11.75
WTI -88 5091
Brent -98 5396
Gas -2 154
NG -2 363
HO -2 164
Eth +2 160
Gold -6 1170
Slvr -12 1678
2-yr -.004 1.120%
5-yr -.008 1.836%
10yr +.002 2.389%
30yr +.021 3.076%
BETWEEN THE ROWS e-newsletter – November 30, 2016 - Click Here
Kentucky Farm Bureau Minute video - Click Here
KENTUCKY CASH GRAIN PRICES – Click Here
KENTUCKY LIVESTOCK AUCTIONS -- Click Here
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