Market Closes - August 29, 2016

Posted on Aug 29, 2016

CBOT futures closed lower with huge losses in wheat futures – for the second straight day in KC and Chicago. Futures closed at/near the day’s lows. Corn and wheat futures hit new contract lows. November Soybeans are again below the key 200-day moving average. Prices were pressured by huge crops and a lack of response to Friday’s private crop estimates for corn that was a few bushels below USDA’s 175 bu/acre. The private soybean estimate was actually above USDA’s 48.9 bu/acre. Weaker energy futures also weighed on the market.

Week ending August 28
U.S. Corn Conditions
.      Good/Excellent  Poor/V.Poor
This Week      75%         7%
Last Week      75%         7%
Last year      68%        10%

U.S. Soybean Conditions
.      Good/Excellent  Poor/V.Poor
This Week      73%         7%
Last Week      72%         7%
Last year      63%        11%

U.S. Pasture and Range
53% good/excellent vs 50% year ago.
16% poor/v.poor vs 18% year ago.

Cattle futures closed moderately lower as the downtrend continues which began in early August. October Live Cattle are over $10.00/cwt lower than the early August highs and closed below the July lows – setting a new contract low. Cattle futures were pressured by some cash trades today $3-4 lower than last Friday’s cash market. Boxed beef values are also falling. Choice down 1.06 at 198.42; Select down 1.23 at 192.34.

Lean Hog futures were little changed. Lower cash hog prices weighed on futures but a stronger pork market lifted them. FOB Plant Pork gained .75 to 77.14.

Corn Sep -4 312; Dec -4 321 (320-27)

Bean Sep -7 983; Nov -3 964 (961-74)

   Meal -2 319

  Oil -14 3281

Wheat Sep -13 370; Jly -11 445 (444-55)

  KC Sep -15 374; MGE -4 488

Oats -7 162

Rice -26 947

 

LC Aug +40 11075; Dec -107 10702; Feb -87 10735

FC Sep -77 13915; Oct -57 13537; Jan -95 12802

LH Oct +5 6137; Dec -30 5632; Feb -35 6060

Milk Sep -5 1655; Oct -5 1652

US$ +.1%

Dow +108 18503

SP +11 2180

NAS +13 5232

Tran +36 7860

  VIX -.71 12.94

 

WTI -66 4698

Brent -65 4927

Gas -5 147

NG -2 285

HO -1 149

Eth unch 144

Gold +1 1327

Slvr +12 1877

 

2-yr -.036 0.809%

5-yr -.065 1.173%

10yr -.070 1.563%

30yr -.079 2.216%

Kentucky Weekly Livestock Summary for the week of Aug 22-27, 2016.
Receipts
This Week            Last Week         Last Year
15,101               17,474            12,409

  Compared to last week, steer calves sold mostly steady to 3.00 lower with moderate supply and moderate to good demand.  Heifer calves were steady to 4.00 lower with moderate supply and light to good demand. Yearling steers and heifers sold mostly steady to 4.00 lower with moderate supply and moderate demand.  Quality was average through good.  Slaughter cows sold steady to 2.00 and slaughter bulls mostly steady with moderate to good demand. 

Kentucky Farm Bureau Minute video  - Click Here

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KENTUCKY LIVESTOCK AUCTIONS --  Click Here