Market Closes - August 13, 2018
Posted on Aug 13, 2018Corn Sep -1 356; Dec -1 370 (366-72)
Bean Sep +6 857; Nov +7 869 (851-70)
Meal +6 327
Oil +26 2836
Wheat Sep -13 533; Jly -9 581 (579-95)
KC -19 541; MGE -16 593
Oats +1 258
Rice -24 1030
LC Aug -105 10720; Dec -110 11200; Feb -62 11575
FC Aug -125 14865; Oct -52 14895; Jan -50 14815
LH Aug +72 5552; Oct +47 5165; Dec +110 4857
Milk Aug -2 1502; Sep -11 1602
CBOT futures traded wide ranges today with the lows generally set overnight in following selling from Friday’s bearish USDA crop report. However, when trading resumed at 830 am CT, traders started buying and this lifted corn and soybeans to their highs late in the session; the closes were near those highs. Wheat futures tried to rally but failed – ending near the day’s lows. Soybeans closed higher on apparent heavy fund buying, reducing their short position. The specs also were also reported to be selling wheat futures, reducing their large long positions. Both of these actions seem somewhat in conflict with the underlying fundamentals.
Crop maturity remains ahead of normal and crop condition ratings dipped on one point in the good/excellent grouping.
Week ending Aug 12
U.S. Corn Conditions
. Good/Excellent Poor/V.Poor
This Week 70% 10%
Last Week 71% 10%
Last year 62% 12%
** 73% in Dough vs 56% average
** 26% Dented vs 13% average
U.S. Soybean Conditions
. Good/Excellent Poor/V.Poor
This Week 66% 10%
Last Week 67% 10%
Last year 59% 12%
** 84% setting pods vs 72% average
U.S. Pasture and Range
40% good/excellent vs 47% year ago.
30% poor/v.poor vs 22% year ago.
LC Aug -105 10720; Dec -110 11200; Feb -62 11575
FC Aug -125 14865; Oct -52 14895; Jan -50 14815
LH Aug +72 5552; Oct +47 5165; Dec +110 4857
Cattle futures closed lower. LC and FC gapped down on the open and never traded on the positive side. Today’s selling resulted from Friday’s disappointing cash trade around $109-110 and the USDA WASDE report that shows beef production rising from the 3rd quarter to the 4th quarter. Limiting losses was stronger boxed beef values. Choice beef jumped 1.82 to 208.43 and Select gained 1.89 to 199.66, even better than the midday quotes. The Ch/Sel spread is 8.77. YTD beef production is up 3.2 pct over the same period in 2017.
Lean Hog futures closed higher but way below the day’s highs. Buying was in follow-through to last week’s price stability and bounce. The midday strength in pork didn’t last to the end of the day. FOB Plant Pork dropped .06 to 71.01, compared to a gain of 1.14 at midday. This rally doesn’t change fact that pork supplies are large – last week’s production was up 2.0 pct over year ago. YTD pork production is up 3.2 pct over the same period in 2017.
US$ steady
Dow -125 25188
SP -11 2822
NAS -19 7820
Tran -70 11021
VIX +1.62 14.78
WTI -43 6720 low of 6571
Brent +1 7282
Gas -2 201
NG -1 293
HO unch 214
Eth unch 135
Gold -20 1199
Slvr -31 1498
2-yr +.012 2.612%
5-yr +.015 2.746%
10yr +.018 2.877%
30yr +.028 3.045%
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