Market Closes - August 19, 2015

Posted on Aug 19, 2015
CBOT futures closed mixed as corn and soybean trade different stories. As a private crop tour’s findings support ideas that corn won’t yield as well as USDA forecasted last week, corn futures continue to work higher off last week’s report-induced lows. On the other hand, soybean futures fell below last week’s lows and some contracts hit new CONTRACT LOWS. While soybean meal has been holding up due to strong domestic crush, soybean oil is hitting new CONTRACT LOWS daily and is now at the previous lows set in December 2008. Soybean futures were pressured by ideas this week’s rains are making the crop bigger, worries about Chinese soy demand (and economy), the large long position by the spec funds and a huge drop in energy futures.

Cattle futures closed sharply lower as it appears feedlots will sell cattle lower than last week’s $150 market. Boxed beef held up well. Choice up 1.70 at 246.78; Select up 0.19 at 236.44. Traders will get positioned for Friday afternoon’s Cattle on Feed report which is expected to show August 1 on-feed numbers up 2.6% from a year ago due to lower marketings in July. Live Cattle futures are within $2-3 of the July lows. October Feeder Cattle futures hit a new low for this summer and at levels last seen in early March.

Lean Hog futures closed at 1:00 pm CT with little price change. However, LH futures fell significantly in afternoon trading as the pork markets weakened. FOB Plant Pork closed down 1.85 to 88.27 on sharp losses in loin, ham and belly values.

Corn Sep +1 367; Dec +1 378; Dec16 -1 398 Bean Sep -10 903; Nov -11 893; Nov16 -6 884 Meal -1 324 Oil -43 2789 Wheat Sep +2 496; Jly -2 508 KC -2 474; MGE unch 508 Oats -2 223 Rice +6 1190

LC Aug -195 14525; Oct -225 14515; Feb -165 14740 FC Aug -75 21380; Oct -320 20387; Jan -322 19537 LH Oct -12 6600; Dec +2 6227; Feb -5 6715 Milk Sep +7 1675; Oct +22 1692

 

US$ -.6% This reversed 3 days of gains. Dow -163 17349 SP -17 2080 (low 2070) NAS -40 5019 Tran -61 8300 VIX +1.46 15.25

WTI -217 4095 -5% Brent -187 4694 Gas -9 155 -5.5% NG unch 271 HO -4 151 Eth -3 147 Gold +16 1134 Slvr +48 1527

2-yr -.057 0.661% 5-yr -.078 1.502% 10yr -.069 2.127% 30yr -.050 2.813%

Lexington Auction (Tues) Weighted Average Report for 08/18/2015 Receipts: 685 Last Week: 1370 Year Ago: 739 Compared to yesterday steer calves sold mostly steady with moderate demand. Heifer calves sold steady with moderate demand except 550-700 lbs sold 2.00 to 3.00 lower with moderate demand. Quality was average through good. Yearling steers and heifers limited comparison with yesterday's light test. Slaughter cows and slaughter bulls sold steady to 1.00 higher with moderate demand.

9 replacement cattle, 45 slaughter cattle, and 631 feeder cattle. Today's supply included 64.4 percent that weighed over 600 lbs. 39.1 percent steers and 12.4 percent bull calves .5 percent Holstein Steers and 38.9 percent heifers of total recorded feeder supply. 38 head of slaughter cows with 90 percent going to slaughter. 07 head of slaughter bulls with 89 percent going to slaughter.

Tagged Post Topics Include: Economics, Market updates