Market Closes - August 14, 2017

Posted on Aug 14, 2017

CBOT futures closed mixed but generally near the day’s highs. Futures traded lower overnight but managed to recover during the day session. Today’s lows were generally in line with last Thursday and Friday’s lows. Traders are taking a breather after the selloff seen in July and last week. The weather is generally a neutral factor.  Traders are watching closely for signs that the Trump Administration may use trade sanctions against China.  The President did direct the USTR to look into protecting US intellectual property from theft by foreign nations, including China.

Week ending August 13
|U.S. Corn Conditions
.      Good/Excellent  Poor/V.Poor
This Week      62%         12%
Last Week      60%         13%
Last year      74%          7%

U.S. Soybean Conditions
.       Good/Excellent  Poor/V.Poor
This Week      59%         12%
Last Week      60%         12%
Last year        72%           7%
  ** 79% setting pods vs 75% average


U.S. Pasture and Range
47% good/excellent vs 51% year ago.
22% poor/v.poor vs 17% year ago.

Live cattle closed lower and feeder futures ended higher. Traders have expected cash prices to weaken but last week’s average was $115/cwt.  This puts LC futures at a big discount to the cash market. Boxed beef was higher at midday, but ended with Choice down 0.68 at 198.92; Select up 0.32 at 196.44.  Some LC contracts made new lows for this June-August move down.

Lean Hog futures closed higher in Oct/Dec/Feb and lower in the deferred contracts. The August LH contract expired today, so the October LH is now the nearby contract.  It’s huge discount to the cash index offered some support. FOB Plant Pork dropped .33 to 94.11 on weakness in the ham value.

Corn Sep +2 363; Dec +1 376 (370-77)

Bean Sep -5 933; Nov -7 938 (931-41)

  Meal -1 299

  Oil -21 3342

Wheat Sep +2 441; July unch 513 (505-14)

   KC -4 437; MGE -4 684

Oats -2 261

Rice -15 1234

 

LC Aug -67 10905; Dec -52 10880; Feb -17 11100

FC Aug +52 14230; Oct +72 14232; Jan +57 13947

LH Oct +55 6917; Dec +25 6350; Feb +22 6767

Milk Aug +4 1651; Sep +3 1712

 

US$ +.4%

Dow +135 21994

SP +25 2466

NAS +84 6340

Tran +148 9348

  VIX -3.18  12.33  -20%

 

WTI -132 4750

Brent -145 5065

Gas -3 158

NG -3 296

HO -3 161

Eth unch 158

Gold -6 1288

Slvr unch 1707

 

2-yr +.028 1.322%

5-yr +.033 1.774%

10yr +.035 2.222%

30yr +.025 2.812%

Kentucky Weekly Livestock Summary for the week of Aug 7-12, 2017
Receipts
This Week    Last Week   Last Year
19,749      16,019      19,208

Feeder calves continued trading mixed early, with steers selling from 3.00 lower to 4.00 higher and heifers from 3.00 lower to 5.00 higher, however, by weeks end, trends were solidly 2.00 to 5.00 lower. Demand was moderate to good for an average to good quality offering.  Yearlings sold steady to firm with good demand.  Slaughter cows traded steady to 3.00 higher and slaughter bulls steady to 4.00 higher with good supply and moderate to good demand.

Kentucky Farm Bureau Minute video  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here