Market Closes - August 17, 2017
Posted on Aug 17, 2017Corn and wheat closed lower, while the soy complex managed 1 percent gains. Traders generally think the forecasted weather will have minimal impact on production. Soybeans rallied on a second day of corrective buying.
http://droughtmonitor.unl.edu/
Another rough day for cattle futures with roughly $2/cwt losses. Futures opened steady but weakness in light cash trade ($110) and the boxed beef market weighed on the market. Futures closed near the day’s lows. Choice ended down 1.88 at 195.63 and Select lost .84 to 194.20.
Lean Hog futures also closed sharply lower, confirming yesterday’s bearish price reversal. In 2 days, over half of the big August rally has been erased. Futures were pressured by lower cash hog prices and weaker pork values at midday. However, FOB Plant Pork closed up .42 at 91.97. Rising market receipts and average weights is bearish on cash markets.
Corn Sep -2 350; Dec -2 364 (363-68)
Bean Sep +8 930; Nov +8 933 (926-35)
Meal +1 296
Oil +36 3321
Wheat Sep -5 414; Jly -4 493 (491-500)
KC -5 414; MGE -3 670
Oats -2 258
Rice -6 1212
LC Aug -235 10712; Dec -202 10827; Feb -167 11060
FC Aug -177 14047; Oct -230 14047; Jan -185 13767
LH Oct -185 6692; Dec -167 6180; Feb -140 6630
Milk Aug +3 1650; Sep +3 1708
US$ +.3%
Dow -274 21751
SP -38 2430
NAS -123 6222
Tran -225 9152
VIX +3.81 15.55 +32%
WTI +22 4700
Brent +61 5088
Gas +3 159
NG +3 292
HO +1 158
Eth -2 151
Gold +11 1294
Slvr +7 1701
2-yr -.028 1.302%
5-yr -.032 1.749%
10yr -.040 2.185%
30yr -.035 2.772%
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