Market Closes - August 17, 2015

Posted on Aug 17, 2015
CBOT futures closed mixed with little change in price. Futures face pressure from tonight’s stable crop condition reports, forecast for good rains this week for the Midwest, and huge long positions by the spec funds. Soybean futures couldn’t get much out of the NOPA crush report for July that was record-large over 145 million bushels. Keep an eye on the price charts for the key support levels at last Wednesday’s closing price and the low. Selling pressure may be limited by the 6-10 day and 8-14 day outlooks that shows the Corn Belt will be drier than normal. Will this week’s rainfall carry the crop through August? As of August 16, 2015 Corn Conditions – 18 States . Good/Excellent Poor/V.Poor This Week 69% 10% Last Week 70 9 Year Ago 72 8

Corn Dented 21% this week vs 20% year ago and 28% for 2010-14 average.

Soybean Conditions – 18 States . Good/Excellent Poor/V.Poor This Week 63% 11% Last Week 63 11 Year Ago 71 6

Soybeans Setting Pods 79% this week vs 81% year ago and 79% for 2010-14 average.

Pasture Conditions 52% good/excellent vs 16% poor/v.poor

Cattle futures closed mixed, finding some support from the beef market.  Choice up 0.80 at 245.52; Select up 0.95 at 236.39. Cattle/beef markets are challenged by plentiful, less expensive pork and chicken.

Lean Hog futures closed higher with firmer cash hog and pork markets today. FOB Plant Pork closed up .21 at 89.57. Now that October LH is the nearby futures contract, it’s large discount to the CME Lean Hog Index is supportive.

US$ +.3% Dow +68 17545 SP +11 2102 NAS +43 5092 Tran +60 8379 VIX +.19 13.02 +1.5%

WTI -72 4239 Brent -58 4861 Gas -3 165 NG -7 273 HO -1 155 Eth unch 147 Gold +4 1117 Slvr +9 1530

2-yr -.020 0.710% 5-yr -.030 1.567% 10yr -.028 2.169% 30yr -.022 2.820%

Corn Sep -1 363; Dec -1 374; Dec16 unch 399 Bean Sep +2 927; Nov unch 917; Nov16 +3 901 Meal unch 325 Oil -2 2906 Wheat Sep -6 500; Jly -7 516 KC -7 482; MGE -5 513 Oats -4 223 Rice +17 1199

LC Aug -55 14790; Oct +85 14770; Feb +37 14885 FC Aug +50 21440; Oct -52 20690; Jan -55 19847 LH Oct +95 6627; Dec +35 6230; Feb +80 6720 Milk Sep +2 1648; Oct +14 1656

 

Lexington Auction Weighted Average Report for 08/17/2015 Receipts: 624 Last Week: 805 Year Ago: 730 Compared to last week steer and heifer calves sold steady with some middleweight offerings 2.00 lower with moderate demand. Quality was plain through good. Yearling steers and heifers lightly tested. Slaughter cows sold steady to 1.00 lower with light demand. Slaughter bulls sold steady with moderate demand.

18 replacement cattle, 111 slaughter cattle, and 495 feeder cattle. Today's supply included 35.5 percent that weighed over 600 lbs. 18.5 percent steers and 28.1 percent bull calves 2.6 percent Holstein Steers and 29.3 percent heifers of total recorded feeder supply. 82 head of slaughter cows with 82 percent going to slaughter. 29 head of slaughter bulls with 96 percent going to slaughter.

Tagged Post Topics Include: Economics, Market updates