Market Closes - August 16, 2016

Posted on Aug 16, 2016

CBOT futures closed mixed with minimal changes. Prices traded both sides of unchanged and corn/soybeans had relatively small price ranges. Prices were supported by the much weaker US Dollar Index and rising energy futures. The market’s better-than-expected reaction to Friday’s Crop Production report that showed record high yields/crops continues to support prices.

The US Dollar Index fell to its lowest level in 7 weeks following Monday’s comments by a Federal Reserve President that lowered expectations of a rate hike this year.  

Cattle futures closed lower as the negative sentiment continues to weigh on the market. Cash trade should occur above the August closing price. Choice up 0.17 at 201.84; Select down 1.51 at 192.67. 

Lean hog futures fell sharply, led lower by the nearby October LH contract. Prices were pressured by sharply lower pork values amid plentiful supplies.

FOB Plant Pork dropped 2.51 to 73.96 as the belly value dropped from 95.30 to 80.43 today.  FOB Plant Pork was down 1.61 at noon.

Corn Sep +1 327; Dec unch 337 (334-39)

Bean Sep -4 1019; Nov -2 1007 (1001-16)

  Meal -3 337

  Oil +17 3338

Wheat Sep +1 423; Dec +1 439

  KC unch 411; MGE +1 516

Oats unch 172

Rice +19 1043

 

LC Aug -42 11550; Dec -87 11425; Feb -95 11390

FC Aug -152 14712; Oct -110 14277; Jan -112 13512

LH Oct -265 5985; Dec -157 5545; Feb -117 6012

Milk Sep +17 1739; Oct +21 1711

 

US$ -.9%  94.79

Dow -84 18552

SP -12 2178

NAS -35 5227

Tran -2 7851

  VIX +.83 12.64

 

WTI +84 4658

Brent +52 4887

Gas +2 142

NG +3 262

HO +1 146

Eth +1 144

Gold +9 1357

Slvr +3 1987

 

2-yr +.024 0.750%

5-yr +.029 1.159%

10yr +.023 1.575%

30yr +.019 2.295%

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