Market Closes - August 30, 2016

Posted on Aug 30, 2016

CBOT futures closed sharply lower at or near the day’s lows. Prices were pressured by bearish technical signals, a stronger US Dollar, weaker energy futures and an approaching harvest of huge crops. Corn, KC wheat and Chicago wheat fell to new contract lows, as did the September Soybean contract. Soybean and soybean meal futures are below key 200-day moving averages.

Cattle futures soared higher today, but it didn’t happen until the last hour of trading. Until noon CDT, futures trended lower on weaker cash cattle prices and weaker boxed beef prices. Choice carcasses down 1.80 at 196.62; Select down 1.17 at 191.17.  The August LC contract which expires tomorrow didn’t rise as much since it’s fairly priced to the cash market near $111/cwt. Falling corn prices are supportive to feeder futures.

Lean Hog futures closed higher after trading both sides of unchanged. Hog and pork values are weak, but late buying lifted the market in sympathy with the sharp rally in cattle futures. FOB Plant Pork gained .27 to 77.41. The sharp discount October LH futures have to the cash hog market may limit downside risk short-term.

Read UK’s article on Cow-Calf Profitability for Fall 2016 here.


See DTN Fertilizer Outlook here.
 

Corn Sep -8 304; Dec -5 316 (315-22)

Bean Sep -18 965; Nov -13 951 ((946-68)

  Meal -6 314

  Oil -8 3273

Wheat Sep -7 363; Jly -6 438 (438-47)

  KC -6 368; MGE +2 491

Oats unch 162

Rice -19 928

 

LC Aug +75 11150; Oct +240 10747; Feb +205 10940

FC Sep +357 14272; Oct +425 13962; Jan +360 13162

LH Oct +67 6205; Dec +77 5710; Feb +60 6120

Milk Sep +5 1660; Oct +10 1662

US$ +.5%  96.08
   Recent low of 94.07 on August 18.

Dow -49 18454

SP -4 2176

NAS -9 5223

Tran +50 7910

VIX +.18 13.12

 

WTI -72 4626

Brent -94 4832

Gas -2 145

NG -2 285

HO -2 147

Eth -1 143

Gold -11 1316
  Hasn’t been this low since June 24.

Slvr -19 1858

 

2-yr -.004 0.805%

5-yr +.003 1.180%

10yr +.004 1.570%

30yr +.016 2.232%

Lexington Auction
Weighted Average Report for 08/29/2016
  Receipts:  445    Last Week:  460    Year Ago:  715
***Bluegrass Marketing Group broke ground last week on the new Lexington stockyards that is scheduled to open next fall***

**Lexington Monday sales held at Mt. Sterling yards until new yards completed**

Compared to last Monday middleweight steers and heifers 2.00 to 5.00 lower with light demand as CME cattle futures have trended downward since last week. Featherweight steer and bull calves sharply higher.  Yearlings lightly tested.  More fleshy new crop balling calves on the market today compared to last week. Slaughter cows and slaughter bulls sold steady with moderate demand.

Kentucky Farm Bureau Minute video  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here