Market Closes - August 2, 2016

Posted on Aug 2, 2016

Monday’s strong crop ratings and non-threatening weather forecasts maintained pressure on CBOT futures. Corn futures fell to new contract lows by noon and then rallied back to near unchanged at the close. Wheat also hit new contract lows but finished near the day’s lows. November Soybeans moved to a new low for this move and closed below the 200-day moving average of $9.55.

The US Dollar Index continues to correct the May-July rally.  It’s down to 95.1 from 97.5. This is supportive for export-oriented commodities. 

Cattle futures closed mostly higher, consolidating Monday’s gains with support from the boxed beef market. Choice beef gained .70 to 198.40 and Select ended up 1.24 at 191.46.  Cash market development will be key to futures this week.

Lean Hog futures closed mixed, supported by a strong pork market at midday where Fob Plant was up 2.24. But the afternoon quote is down 1.32 to 78.15 with a 4% loss in hams. This could pressure LH futures Wednesday morning.  

Corn Sep -1 324; Dec unch 334 (329-36)

Bean Sep -10 971; Nov -8 953 (943-68)

  Meal -5 328

  Oil +31 3018

Wheat Sep -5 401; Dec -5 428; Jly -3 476

  KC -3 406; MGE +2 486

Oats -4 195

Rice -12 956

 

LC Aug +20 11612; Dec +15 11475; Feb -10 11385

FC Aug +125 14580; Oct +5 14192; Jan -82 13500

LH Aug +15 6880; Oct -27 6032; Dec -62 5587

Milk Aug +13 1705; Sep +7 1698

US$ -.7%

Dow -91 18314

SP -14 2157

NAS -46 5138

Tran -167 7648

  VIX +.93 13.37

 

WTI -55 3951

Brent -22 4192

Gas +1 131

NG -3 274

HO unch 126

Eth -3 137

Gold +13 1373

Slvr +20 2070

 

2-yr +.004 0.683%

5-yr +.034 1.088%

10yr +.059 1.556%

30yr +.070 2.307%