CBOT futures closed sharply lower with soybeans leading the way down. Selling was encouraged by Monday’s improved soybean crop rating (2 points) and weather forecasts for cooler temperatures and some rainfall.  Given that the spec funds are long the market with upside potential increasingly less likely, they aggressively liquidated positions. Corn and wheat futures were pressured by the large losses in the soy complex.  See the 6-10 day weather outlook here: http://www.cpc.ncep.noaa.gov/products/predictions/610day/

Live cattle futures closed higher, supported by the big rally in feeder cattle futures.  Market support was more technical than fundamental given a lack of cash market trading. Traders purchased FC futures as the CBOT fell sharply today. Choice closed down 0.34 at 205.41; Select up 0.45 at 198.29.  At midday, Choice was up 1.08 and Select up .87.  Market reports indicate the showlist numbers are up significantly this week.

Lean Hog futures dropped to varying degrees as traders are concerned that supplies will be plentiful and carcass values will weaken. FOB Plant Pork dropped .84 to 98.82 with big losses in hams and bellies.

Corn Sep -8 362; Dec -8 376 (376-85)

Bean Sep -35 964; Nov -35 972 (970-1000)

  Meal -10 310

  Oil -84 3397

Wheat Sep -13 461; July -9 531 (530-43)

   KC Sep -9 465; MGE -13 718

Oats -4 280

Rice +11 1237

 

LC Aug +80 11280; Dec +105 11420; Feb +75 11575

FC Aug +300 14917; Oct +262 14885; Jan +227 14497

LH Aug -50 7980; Oct -162 6440; Dec -110 5940

Milk Aug +13 1672; Sep +17 1748

US$ +.1%

Dow +73 21964

SP +6 2476

NAS +15 6363

Tran -37 9146

  VIX -.17 10.09

 

WTI -149 4868

Brent -135 5137

Gas -2 166

NG +2 282

HO -3 163

Eth -1 154

Gold +2 1275

Slvr -9 1670

 

2-yr -.004 1.347%

5-yr -.031 1.801%

10yr -.039 2.253%

30yr -.043 2.855%

Lexington Auction (Tues)
Weighted Average Report for 08/01/2017
Receipts:  542    Last Week:  751    Year Ago:  1145
       Compared with last Tuesday steer calves sold steady to 3.00 lower and heifers sold 1.00 to 4.00 lower with moderate demand on an average through good quality offering.  Yearlings sold steady with good demand.  Slaughter cows sold steady with moderate demand and slaughter bulls sold 5.00 higher with good demand.

Kentucky Farm Bureau Minute video  - Click Here
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KENTUCKY LIVESTOCK AUCTIONS --  Click Here