Market Closes - August 30, 2018

Posted on Aug 30, 2018

Corn Sep unch 341; Dec unch 356 (356-59)

Bean Sep -4 819; Nov -4 831 (829-45)

  Meal -1 301

   Oil +25 2828

Wheat Sep -8 508; Jly -6 562 (557-72)

  KC -7 512; MGE -7 562

Oats -12 239

Rice -14 1067

 

LC Aug +62 10980; Dec +60 11330; Feb +77 11732

FC Aug +15 14947; Oct +97 15037; Jan +80 14725

LH Oct -242 4912; Dec -110 5262; Feb -55 6257

Milk Sep -8 1640; Oct -5 1655

CBOT futures closed steady to lower with the settlements near the day’s lows.  Session highs came late Wednesday night before futures edged lower; prices dropped abruptly when the day session opened at 830 am CT. Wheat gave up some of yesterday’s gains as the Russian wheat export restriction story lost its luster. Corn and soybean futures are holding just above contract lows as harvest of a huge crop is getting started. Soybean futures posted new contract low closes. A Chinese trade group in the U.S. ended its visit without the usual big contract signing.

Cattle futures closed higher on little market news. Boxed beef closed lower ahead of the 3-day holiday weekend. Hopefully, consumers have a big appetite this weekend. Choice beef ended down .95 at 211.73 and Select dropped 1.34 to 202.21.

Lean Hog futures closed lower with a sharp drop in the October LH, despite stronger pork values. FOB Plant Pork closed up 2.07 at 66.75 as bellies soared 13%.  Traders pushed the October LH to within a dollar of its contract low. Current attitude is that the China trade problem is not being worked out.  A report said President Trump may add tariffs on another $200 billion Chinese goods. He also threatened to withdraw from the WTO.

 

US$ +.1%  94.7

Dow -138 25987

SP -13 2901

NAS -21 8088

Tran -86 11310

  VIX +1.28  13.53 

 

WTI +54 7005

Brent +40 7754

Gas +1 201

NG +2 288

HO unch 225

Eth -2 125

Gold -6 1206

Slvr -24 1445

 

2-yr -.024 2.653%

5-yr -.027 2.752%

10yr -.023 2.859%

30yr -.014 3.007%

Lexington, KY    Thur Aug 30, 2018    USDA-KY Dept Ag Market News 

    Receipts:  1306   Last Week:  1730   Year Ago:  1240

Compared to last week steer and heifer calves sold 2.00 to 5.00 lower with light to moderate demand as hot, humid conditions returned to the state this week reducing demand for unweaned and fleshy new crop calves. Yearling feeder steers and heifers sold 3.00 to 5.00 lower with moderate demand.  Slaughter cows and bulls sold steady to 2.00 lower with moderate demand.

Kentucky Farm Bureau Minute video  - Click Here

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