Market Closes - August 15, 2018

Posted on Aug 15, 2018

Corn Sep -1 361; Dec unch 376 (373-78)

Beans Sep -11 857; Nov -11 869 (867-84)

  Meal -6 329

  Oil -40 2788

Wheat Sep -9 532; Jly -9 579 (577-88)

  KC -10 535; MGE -13 583

Oats -10 250

Rice +13 1032

 

LC Aug +35 10832; Dec +37 11280; Feb +30 11645

FC Aug +12 14905; Oct +37 14927; Jan +42 14837

LH Oct +62 5247; Dec +80 4945; Feb +112 5635

Milk Aug -3 1499; Sep -7 1606

 

CBOT futures closed mostly lower with wheat and soybean meal leading the way lower. Corn and soy futures rallied when trading resumed at 830 am, but had turned south before 9:00 am.  While corn bounced off mid-morning lows, soybean meal futures drifted lower. This weighed on the soybean futures, resulting in the 11 cent losses. Today’s price action was mostly correlated with the direction funds traded. The major fundamental factors include large U.S. crops, foreign demand reduced by the tariff war, and a strong US Dollar weighing on exports. Traders will study tomorrow morning Export Sales report. NOPA reported that the July soybean crush was record large. Wheat was pressured by a lack of export demand despite the tighter world supply situation.

Cattle futures closed slightly higher and mid-range. Cattle rallied early morning but then settled into a sideways range. Futures were supported by more optimistic traders after seeing some cash cattle trading and some stability in the boxed beef market. Choice beef ended up .31 at 209.95 and Select dropped .66 to 200.61.  CH/Sel spread = 9.34.

Despite falling cash hog prices and pork values, Lean Hog futures rallied into the close to settle near the day’s highs. With the nearby August LH contract expired, traders’ focus is on the October LH being at a discount to the Index. FOB Plant Pork dropped 1.25 to 68.49 on large losses in value of hams and bellies.

Equity futures and Treasury yields were pressured by rising tension between the US and Turkey.  Energy futures dropped on rising U.S. crude oil inventories.

US$ steady

Dow -138 25162

SP -22 2818

NAS -97 7774

Tran +1 11115

  VIX +1.33  14.64

 

WTI -214 6490

Brent -171 7075

Gas -4 199

NG -2 294

HO -4 209

Eth -2 136

 

2-yr -.021 2.612%

5-yr -.032 2.735%

10yr -.031 2.864%

30yr -.031 3.031%

Bluegrass Stockyard - Lexington, KY
    Weighted Average Report for 08/14/2018
Receipts:  1016    Last Week:  590    Year Ago:  792
    Compared to last Tuesday light to middleweight steer calves sold 2.00 lower with moderate to good demand; yearling steers sold 3.00 to 6.00 lower with moderate demand. Heifer calves sold mostly steady with good demand except 500-600 lbs 2.00 lower with moderate demand. Quality was plain through good. Slaughter cows and slaughter bulls sold steady with moderate demand.

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