Market Closes - August 28, 2018

Posted on Aug 28, 2018

Corn Sep -6 341; Dec -5 356 (356-62)

Nov Sep -14 820; Nov -15 833 (833-50)

  Meal -6 301

   Oil -19 2818

Wheat Sep -1 498; Jly unch 554 (551-59)

  KC -2 499; MGE -2 554

Oats unch 247

Rice +8 1059

 

LC Aug -40 10780; Dec -105 11260; Feb -77 11627

FC Aug -87 14935; Oct -65 14942; Jan -90 14715

LH Oct -277 5200; Dec -87 5335; Feb -122 6307

Milk Sep +11 1642; Oct +20 1664

Given a lack of unfavorable weather to impact the final production, the CBOT closed sharply lower in corn and soybean futures. With the short-term trend down, the speculative funds were heavy sellers, adding to their moderate-sized short positions. The funds have the fundamentals and technicals going their way as we wind down August. They can see key bearish chart points are within reach. December Corn is only 6 cents above the contract low set in July. November Soybean is 7 cents above the contract low and set a new contract low close at 8.3325. Chicago Wheat futures paused near unchanged after a 6-day run of lower closes. KC and MGEX made it 7 straight days of lower closes. Wheat was pressured by news that the U.S. didn’t get any of the Egypt business.

Cattle futures opened higher, but quickly sold off to the day’s lows in the first hour of trading. A recovery the rest of the day pulled prices back to mid-range and modest losses. Futures were pressured by a realization that the U.S.-Mexico trade deal (announced Monday) won’t be finished or effective for months. Choice beef lost 1.10 to 212.53 and Select fell .44 to 204.41. These quotes are about 1.50 below the midday quotes. The beef packers reportedly have margins of over $250 per head, up 6% from a week ago.

Lean Hog futures closed lower with the nearby October LH dropping nearly the daily $3.00 limit. LH futures opened higher but had turned lower inside of 10 minutes of trading. Traders reversed their thinking from Monday when LH soared in connection to the U.S.-Mexico trade agreement announcement. FOB Plant Pork slipped .09 to 64.90, which compares to 65.76 at midday.

 

US$ -.1%  94.7

Dow +14 20064

SP +1 2898

NAS +12 8030

Tran -22 11391

  VIX +.34 12.50 

 

WTI -35 6852

Brent -31 7590

Gas -1 208

NG -2 286

HO unch 221

Eth -1 130

Gold -9 1207

Slvr -21 1464

 

2-yr +.017 2.669%

5-yr +.032 2.777%

10yr +.034 2.884%

30yr +.036 3.033%

 

Bluegrass Stockyard - Lexington, KY
Weighted Average Report for 08/27/2018
    Receipts:  703    Last Week:  630    Year Ago:  462

Compared to last Monday steer calves sold steady to 2.00 lower and heifer calves sold 2.00 lower with moderate demand.  Hot humid weather returned to the area this week reducing demand for fleshy bawling calves.  Yearlings lightly tested. Slaughter cows and slaughter bulls sold mostly steady with good demand.

Kentucky Farm Bureau Minute video  - Click Here

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KENTUCKY LIVESTOCK AUCTIONS --  Click Here