Market Closes - August 2, 2017
Posted on Aug 2, 2017CBOT futures closed mixed with corn and soybeans up slightly on a recovery from Tuesday’s sharp losses. Market support came from a private crop estimate released yesterday that cut corn yield and production markedly from the USDA forecast.
Cattle futures closed strongly higher and near the day’s highs. But the day didn’t start that way. Following Tuesday’s strong gains, the markets opened near steady this morning, then weakened into mid-morning. Futures then recovered into noon and then rallied strongly into the closing bell. The market was supported by today’s cash trading at the online Fed Cattle Exchange which averaged $116.00 on very low volume. This was better than expected. Choice beef closed down .35 at 205.06 and Select lost .87 to 197.42.
Lean Hog futures closed sharply higher, reversing the losses made Tuesday. Support came from the August LH contract’s sharp discount to the CME LH Index, as well as a very strong midday pork market. However, pork values had collapsed by the end of the day. FOB Plant Pork closed down a sharp 1.96 at 96.86 with all cuts down except for ribs.
Corn Sep +3 365; Dec +3 379 (378-81)
Bean Sep +6 970; Nov +6 977 (970-81)
Meal +1 311
Oil +28 3425
Wheat Sep -2 459; July -1 530 (528-36)
KC Sep -1 464; MGE +1 719
Oats +5 285
Rice +12 1249
LC Aug +172 11452; Dec +167 11587; Feb +137 11712
FC Aug +107 15025; Oct +125 15010; Jan +105 14602
LH Aug +215 8195; Oct +182 6622; Dec +122 6062
Milk Aug -25 1648; Sep -42 1706
US$ -.1%
Dow +52 22016 – New Record HIGH
SP +1 2478
NAS unch 6363
Tran +29 9175
VIX +.13 10.22
WTI +43 4959
Brent +58 5236
Gas -2 164
NG -1 281
HO +2 166
Eth +2 156
Gold -1 1278
Slvr -3 1673
2-yr +.016 1.359%
5-yr +.020 1.819%
10yr +.015 2.266%
30yr -.002 2.850%
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