Kentucky Farm Bureau

CBOT futures traded higher Monday evening and overnight, but the good times ended as traders woke up this morning.  Selling in corn and soybeans continued right into the final minutes, putting the settlement prices at/near the day’s lows. Cattle futures closed narrowly mixed, except for the strong gains in Feb and Apr Live Cattle, both of which moved to new contract highs.

After rallying for the first hour of trading (830 am opening), corn and soybean futures sold off through midday. This resulted in mostly lower closing prices which were at/near the day’s lows.  Except for the February and April LC contracts, LC and FC futures closed lower with the nearby FC taking the biggest hit. Lean Hog futures closed moderately lower although the pork cutout was up over $2.00 in the morning. 

Corn, beans and wheat closed 1-2 pct lower and near the day’s lows. Futures were pressured by a lack of details/confirmation on China’s plan to purchase U.S. commodities.  Cattle futures closed mixed in narrow price ranges. There was a lack of cash trade with the packer bids and feedlot offers far apart.  Lean Hog futures also closed mixed with the nearby contracts higher.

CBOT futures closed higher with corn and soybeans near the day’s highs.  Futures were supported by a weaker US Dollar, some type of agreement with China to make U.S. purchases (no specifics announced), and unfavorable weather in South America.  Cattle futures closed slightly lower, as traders paused following Tuesday’s sharp gains.

The grain and soy futures closed narrowly mixed on a lack of fundamental news.   Cattle futures closed moderately higher after opening this morning slightly lower.  Lean Hog futures closed slightly lower through the August LH contract.

CBOT futures closed a little higher with the MGE spring wheat contract leading the way. Most contracts opened Wednesday evening about even, but futures rallied at various times in today’s trading. Cattle futures closed lower, making for a 3-day decline which started with the bearish price reversal on Monday. 

CBOT futures posted bigger losses than we’ve seen in a while, with the closes near the day’s lows. Markets were pressured by disappointment in the amount of soybean sales to China that have been confirmed by USDA. Live Cattle closed mixed with Feeder Cattle posting small losses.

CBOT futures traded both sides of unchanged but closed narrowly mixed and generally mid-range or higher. While the US energy futures market was tanking and US equities were volatile, CBOT futures kept to about 1 percent ranges.  Cattle futures closed modestly higher after dropping on Monday.  Lean Hog futures dropped sharply for the second straight day, even though the pork cutout was higher in the morning.