Market Closes - August 31, 2016

Posted on Aug 31, 2016

Except for KC Wheat, CBOT futures closed lower today with corn and Chicago Wheat trading to new contract lows. Soybeans and meal traded to new lows for this move. Soybeans haven’t been this low since mid-April and November Soybeans are $2.40/bushel below the high-water mark of mid-June. Despite daily soybean export sales, a potentially record corn and soybean crop will continue to weigh on the market until a seasonal low can be formed/confirmed. The weaker energy markets weigh on soybean oil futures and thus the soybean market. KC Wheat avoided the price fall thanks to an export sale announcement for HRW wheat. Central Illinois soybean processor basis dropped 5-7 cents today.

Cattle futures opened higher today on follow-through buying after Tuesday’s huge rally at day’s end. But prices trended down throughout the day. Traders remained concerned for beef demand given big supplies of pork and chicken. The 3-day weekend will reduce slaughter this week. Choice beef ended down 0.13 at 196.49; Select down 1.46 at 189.71. 

Lean Hog futures managed limited gains today with support coming from LH futures’ discount to the cash hog market. FOB Plant Pork gained .59 to 78.00 with strong ham prices offsetting weaker rib values.  The midday quote was down .07. 

Corn Sep -2 301; Dec unch 315 (315-19)

Bean Sep -5 960; Nov -8 943 (938-56)

  Meal -2 312

  Oil -26 3247

Wheat Sep -2 361; Jly -4 434

  KC +3 371; MGE -5 486

Oats -1 161

Rice -8 919

 

LC Oct -90 10657; Dec -90 10837; Feb -85 10855

FC Sep -200 14052; Oct -117 13835; Jan -107 13035

LH Oct +80 6285; Dec +42 5752; Feb +12 6132

Milk Sep -8 1652; Oct -2 1660

US$ steady

Dow -53 18401

SP -5 2171

NAS -10 5213

Tran -31 7879

  VIX +.30 13.42

 

WTI -151 4484

Brent -133 4704

Gas -4 134

NG +6 288

HO -5 143

Eth -1 141

Gold -4 1312

Slvr +6 1863

 

2-yr +.008 0.809%

5-yr +.012 1.193%

10yr +.008 1.578%

30yr -.004 2.229%

Mount Sterling
Weighted Average Report for 08/31/2016
  Receipts:  563    Last Week:  610    Year Ago:  426
Compared to last Wednesday's sale steer calves sold 2.00 to 5.00 lower with light demand.  Heifer calves sold 3.00 to 6.00 lower with light demand.  Quality was plain through good.  Slaughter cows and slaughter bulls sold 2.00 lower with moderate demand.

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