Market Closes - April 23, 2018

Posted on Apr 23, 2018

CBOT futures closed mixed with limited market news to trade on. A much stronger US Dollar today weighed on commodity prices, some more than others. Thanks to good weekly export inspections reported this morning, corn futures eked out small gains which followed Friday’s sharp drop. Soybean futures dropped as both meal and soybean oil were weaker. Export inspections weren’t helpful and the spec funds still hold a huge long position. Spring wheat crop is only 3% planted compared to the 25% average. However, MGEX wheat dropped sharply.

Corn Planting Progress
.     4/22/18  5-yr average
U.S.    5%       14%  (15% last year)
KY     10%       21%  (28% last year)

Soybean Planting Progress
.     4/22/18  5-yr average
U.S.    2%        2%  (5% last year)
KY      0%        1%  (2% last year)

Winter Wheat Conditions – 18 States
.        Good/Excellent  Poor/V.Poor
This Week       31%          37%
Last Week       31%          37%
Last year       54%          13%


Cattle futures closed up sharply with the April LC contract closing near the day’s highs and posting the best gain for LC futures. LC futures charted “gap higher” openings. Feeder Cattle futures also finished with strong gains. LC was supported by a strong move up in Choice boxed beef values. Choice beef jumped 3.13 to 215.11 and Select gained 1.59 to 201.72.

Unlike LC futures, Lean Hog futures gapped lower today and posted sizable losses. LH futures were pressured by weaker pork values as last week’s pork production was up 2.8% from the previous week. FOB Plant Pork finished down .04 at 67.87 with bellies down 3 percent. This afternoon’s Cold Storage report shows stocks of poultry and red meat combined were record large in March.

Corn May +2 378; Jly +2 387; Dec +2 404 (402-05)

Bean May -8 1021; Jly -8 1032; Nov -7 1028 (1026-39)

  Meal -2 372

  Oil -26 3104

Wheat May -2 461; Jly -3 474 (472-83)

   KC unch 483; MGE -12 588

Oats -6 227

Rice +7 1306

 

LC Apr +237 12172; Aug +127 10507; Oct +95 10910

FC Apr +172 13902; Aug +262 14712; Oct +185 14805

LH May -195 6800; Jly -112 7890; Oct -77 6682

Milk May +16 1506; Jun +19 1549
 

US$ +.7%   
  At 90.93, the US Dollar Index closed right near chart resistance (March 1 high). 91.00 is a key pivot point on the chart. Further strength could lead to a run-up of another .75-1.50 points.

Dow -14 24449

SP unch 2670

NAS -18 7129

Tran +42

  VIX -.33 16.55

 

WTI +24 6864

Brent +65 7471

Gas +3 212

NG unch 274

HO +2 214

Eth -1 149

Gold -14 1324

Slvr -58 1659

 

2-yr +.021 2.478%

5-yr +.030 2.821%

10yr +.024 2.975%

30yr +.004 3.147%
 

Kentucky Weekly Livestock Summary for the week of Apr 16-21, 2018
    Receipts: 24,928       Last Week 27,355      Last Year 19,986
Compared to last week steer calves sold mostly steady to 4.00 higher and heifer calves sold mostly steady to 3.00 higher.  Demand was good to very good with moderate supply.  Yearling steers and heifers were 4.00 to 6.00 higher with good to very good demand.  Quality was average through attractive.  Slaughter cows sold mostly 1.00 to 3.00 lower and slaughter bulls mostly steady to 2.00 lower with moderate supply and moderate to good demand.

Kentucky Farm Bureau Minute video  - Click Here

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KENTUCKY LIVESTOCK AUCTIONS --  Click Here