Market Closes - August 3, 2017

Posted on Aug 3, 2017

CBOT futures closed lower with soybeans dropping sharply on continued improved weather forecasts. While corn futures bounced off the overnight lows to close mid-range, soybean futures ended a nickel above the lows, saved by a rally in the final minutes of trading. The 6-14 day outlook shows much below normal temperatures in the Corn Belt with above normal rainfall south of Interstate 70.  Another private crop estimate was released predicting an average corn yield of 165.9 bu/acre, lower than USDA’s 170.7 bushel forecast in WASDE. USDA will release its first objective estimate on August 10.  

The August, September and November Soybean contracts filled their “upside gaps” established on July 3. The rally and ensuing drop covered an 80-cent range. Chart support could be 45 cents lower at the June lows.

6-10 Day Weather:  
     http://www.cpc.ncep.noaa.gov/products/predictions/610day/index.php

Cattle futures closed higher, extending the gains posted on Wednesday. This week’s better-than-expected cash price of $116-117 has supported futures. Choice beef edged up .10 to 205.16 and Select gained .36 to 197.78. 

Lean Hog futures closed mixed with small price changes. Futures opened today near steady but quickly dropped to the day’s lows, then spent the rest of the day climbing out of the hole. While August is at a discount to the cash index, traders expect cash to weaken as plant receipts are running well ahead of week-ago and year-ago numbers. FOB Plant Pork dropped .11 to 96.75 with hams dragging the market down.

Corn Sep -1 363; Dec -1 378 (375-81)

Bean Sep -17 954; Nov -17 960 (955-76)

  Meal -3 308

  Oil -78 3348

Wheat Sep -3 458; Jly -2 529 (525-33)

  KC Sep -5 460; MGE -9 713

Oats -4 285

Rice -10 1238

 

LC Aug +70 11522; Dec +2 11590; Feb +12 11725

FC Aug +40 15065; Oct +27 15037; Jan +55 14657

LH Aug +2 8197; Oct -72 6550; Dec -10 6052

Milk Aug -7 1642; Sep -20 1687

US$ -.1%

Dow +10 22026   sets 7th straight RECORD HIGH

SP -5 2472

NAS -22 6340

Tran +27 9202

  VIX +.11 10.39

 

WTI -66 4893

Brent -45 5191

Gas -1 164

NG -2 279

HO -2 164

Eth -1 155

Gold -4 1275

Slvr -8 1665

 

2-yr -.020 1.343%

5-yr -.033 1.788%

10yr -.041 2.221%

30yr -.049 2.797%

 

Lexington, KY - Blue Grass Stockyards
Cattle Weekly Summary Report for the week ending 08/03/17
   Receipts:  1066   Last Week:  1059   Year Ago:  1584

Compared with last week middleweight steer and heifer calves sold steady to 3.00 lower with moderate demand on a plain through good quality offering. Yearlings sold steady with good demand.  Slaughter cows sold steady and slaughter bulls sold steady to 3.00 higher with good demand.

Kentucky Farm Bureau Minute video  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here