Market Closes - April 16, 2018
Posted on Apr 16, 2018Despite a weaker US Dollar and unfavorable Corn Belt weather, corn and soybean futures could not overcome the negativity coming out of the wheat futures market, especially from the KC hard red winter market. Wheat was pressured by forecasts for significant rainfall in KS/OK/TX later in the week. Today’s losses added to Friday’s down moves; futures closed at/near the day’s lows.
U.S. corn planting progress is 3 percent, 2 percent behind the 5-year average. Kentucky has 3 percent planted compared to a 5-year average of 10 percent.
Cattle futures had disappointing closes with small gains or losses, near the day’s lows. Futures gapped higher on the open and held strong gains until almost an hour before the closing bell. Markets were supported by last week’s stronger futures market and the bump in cash cattle prices on Friday. Choice dropped .82 to 211.79 and Select edge up .07 to 199.98.
Lean Hog futures closed much lower despite a strong pork market today. LH futures’ huge premium to the cash hog market may have provided some pressure. FOB Plant closed up 1.82 at 68.15 with strong gains in ham and belly values. At midday, the cutout was up only .89.
Corn May -4 382; Jly -3 391; Dec -3 407 (406-11)
Bean May -12 1042; Jly -12 1053; Nov -9 1040 (1039-52)
Meal -5 378
Oil -30 3118
Wheat May -10 462; Jly -10 479 (478-87)
KC -18 478; MGE -10 607
Oats -4 230
Rice -5 1305
LC Apr +60 11715; Jun +52 10417; Oct -12 10860
FC Apr -15 13922; Aug -32 14477; Oct -20 14670
LH May -152 6817; Jly -90 7867; Oct -95 6740
Milk May +16 1486; Jun +7 1517
US$ -.3%
Dow +213 24573
SP +22 2678
NAS +50 7156
Tran +241 10610
VIX -.96 16.45
WTI -103 6630
Brent -108 7150
Gas -2 204
NG +1 275
HO -3 207
Eth -1 147
Gold unch 1348
Slvr +1 1666
2-yr +.012 2.381%
5-yr +.009 2.685%
10yr +.004 2.832%
30yr -.007 3.029%
Kentucky Weekly Livestock Summary for the week of Apr 9-14, 2018 Receipts: 27,355 Last Week 14,699 Last Year 23,678
Compared to last week steer and heifer calves sold 2.00 to 5.00 higher with instances to 10.00 higher. Demand was good to very good for a good through attractive offering. Yearling steers and heifers sold 3.00 to 5.00 higher with good demand. Slaughter cows and slaughter bulls sold steady to 4.00 higher with moderate to good demand.
Kentucky Farm Bureau Minute video - Click Here
KENTUCKY CASH GRAIN PRICES – Click Here
KENTUCKY LIVESTOCK AUCTIONS -- Click Here
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