Corn Sep -2 362; Dec -2 376 (374-80)

Bean Sep unch 882; Nov unch 893 (892-907)

  Meal -2 328

  Oil +31 2854

Wheat Sep -18 542; Jly -11 586 (583-600)

   KC -18 547; MGE -18 542

Oats +2 261

Rice -8 1026

 

LC Aug -35 10907; Dec -5 11457; Feb +5 11807

FC Aug -132 14962; Oct -57 15127; Jan -17 14982

LH Oct -212 5647; Dec -105 5422; Feb -80 6085

Milk Sep -12 1569; Oct -1 1601

 

CBOT futures closed mostly steady, but wheat futures crashed. The major contracts, including wheat, traded pretty well Sunday evening and overnight; but when markets opened at 830 am CT, futures sold off sharply. Futures closed near the day’s lows.  Wheat was pressured by selling connected to the lack of confirmation of Friday’s story of restricted Russian exports that led to a sharp move higher. Corn and soybean futures were pressured by weekend rainfall. A private crop tour is finding big corn and soybean yields in the eastern Corn Belt.

 

Week ending Aug 19

U.S. Corn Conditions
.      Good/Excellent  Poor/V.Poor
This Week      68%         12%
Last Week      70%         10%
Last year      62%         12%
  ** 44% Dented vs 26% average

U.S. Soybean Conditions
.      Good/Excellent  Poor/V.Poor
This Week      65%         11%
Last Week      66%         10%
Last year      60%         12%
  ** 91% setting pods vs 83% average

U.S. Pasture and Range

40% good/excellent vs 47% year ago.

29% poor/v.poor vs 22% year ago.

 

LC Aug -35 10907; Dec -5 11457; Feb +5 11807

FC Aug -132 14962; Oct -57 15127; Jan -17 14982

LH Oct -212 5647; Dec -105 5422; Feb -80 6085

 

Cattle futures closed mostly lower despite a second straight day of stronger boxed beef values. Choice Beef jumped 2.60 to 213.98 and Select gained 1.37 to 202.29. For last week, USDA reported an average live fed steer price of $109.52, down $1.46 from the previous week.

Lean Hog futures closed lower with the nearby October down a large 2.12/cwt. LH opened higher at 830 am, but immediately began to sell down to negative levels. The selloff resulted from profit-taking after LH futures rallied over $7/cwt last week (and hit prices over $11/cwt above the August lows. Today’s chart action is a bearish hook reversal. Last week’s sharp rally left price gaps on the charts, which are targets for a downside correction.  FOB Plant Pork closed up .41 at 67.18.

US$ -.4%

Dow +89 25759

SP +7 2857

NAS +5 7821

Tran +134 11362

  VIX -.15 12.49

 

WTI +52 6643

Brent +27 7210

Gas +3 202

NG unch 2294

HO +2 211

Eth -1 135

Gold +10 1197

Slvr +4 1467

 

2-yr -.033 2.587%

5-yr -.053 2.699%

10yr -.054 2.819%

30yr -.046 2.983%

 

July Milk Production in the United States up 0.4 Percent

Milk production in the United States during July totaled 18.4 billion pounds, up 0.4 percent from July 2017.    Production per cow in the United States averaged 1,953 pounds for July, 10 pounds above July 2017.  The number of milk cows on farms in the United States was 9.40 million head, 8,000 head less than July 2017, and 8,000 head less than June 2018.

Kentucky Weekly Livestock Summary for the week of Aug 13-18, 2018
Receipts: 17,978
Last Week 17,184  
Last Year 15,525  
   Compared to last week feeder steer and heifer calves sales were mixed.  The week began and ended on a positive note where trends were mostly steady to 2.00 higher with good supply and moderate to good demand.  Mid-week, however, sales were 1.00 to 2.00 lower with moderate demand.  Quality was good through attractive.  Yearling steers and heifers sold 3.00 to 6.00 lower with moderate demand. Slaughter cows and slaughter bulls mostly steady to 2.00 lower with moderate to good demand.

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