Kentucky Farm Bureau

CBOT futures closed strongly higher and at/near the day’s highs, supported by positive news in US/China trade negotiations and technical short-covering by the speculators.   Cattle futures closed higher but generally took a break after strong price gains on Tuesday and Wednesday.  Even as pork values fell sharply, lean hog futures soared $3.00 higher to limit-up levels.

CBOT futures traded higher in follow-through on Tuesday’s rally but closed lower. Market direction may hinge on tomorrow’s USDA Production report for corn and soybeans. Live Cattle and Feeder Cattle futures closed strongly higher – for the second straight day.  Lean hog futures closed lower with the nearby October LH contract down sharply.

After trading higher overnight, CBOT futures found aggressive selling when the market reopened at 830 am CT. Corn futures led to the downside, reaching a new low for the current downtrend.  Cattle futures closed higher with the Live Cattle posting strong gains. LC were supported by rising boxed beef values and extraordinary packer margins. Lean Hog futures closed strongly higher. 

CBOT futures closed lower and near the day’s lows for corn and soybeans; wheat finished midrange.  Cattle futures closed mostly higher but near the day’s lows after a rally during the first hour failed to hold. Lean Hog futures closed strongly higher and near the day’s highs.

CBOT futures closed steady to lower but with closes near the day’s lows. Live Cattle futures closed steady after an opening rally failed. Feeder cattle once again outperformed Live Cattle futures. Lean Hog futures have been on a roller coaster with alternating up and down days.

Corn and soybean futures closed sharply lower, pressured by the lack of progress on US/China trade as well as corn’s bearish USDA crop report. Cattle futures found support today after two days of sharp losses. The very strong beef market has pushed packer margins to record high levels. Lean hog futures closed strongly higher as the August LH contract expired.

CBOT futures closed mixed with corn futures closing sharply lower for the second day due to the very bearish USDA crop production report (traders still question the math). Cattle futures closed sharply lower (and made new Contract Lows) for the second day in reaction to reduced harvest capacity after a fire closed a large Kansas plant. Lean Hog futures traded to the upside but eventually closed lower under pressure from cheaper pork values and the sharp losses in the cattle futures market.

CBOT futures closed higher and near the day’s highs on short-covering in the soy complex and trader positioning ahead of Monday’s midday crop reports. Cattle futures closed slightly higher but generally within yesterday’s trading ranges.  Beyond the August LH contract, lean hog futures closed higher to sharply higher as additional short-covering took place.