Market Closes - August 30, 2016
Posted on Aug 30, 2016CBOT 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
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