Market Closes - August 8, 2017

Posted on Aug 8, 2017

CBOT futures closed mixed with minimal changes as weather outlooks are stable and traders prepare for Thursday’s USDA WASDE and crop production estimates. The world political environment became more uncertain today with news reports that No. Korea has nuclear weapons to be placed on ICBMs. More pressure may be placed on China to change No. Korea’s behavior. Could this affect grain trade with China? Time will tell.  CBOT Put Options can put a floor under the market for you.  

Cattle futures closed slightly lower after trading both sides on only light cash cattle trading. The August LC discount to recent cash trade of $116-117 should limit its losses.  Choice down 0.47 at 202.25; Select down 0.14 at 196.86.  At midday Choice was up .64.

Lean hog futures closed mixed, but the late-day drop in the pork cutout could pressure LH futures tomorrow.  FOB Plant Pork dropped 2.13 to 95.43 with sharp losses in the belly, ham and picnic cuts.  This was down only .75 at midday.

Corn Sep -2 370; Dec -3 384 (382-89)

Bean Sep +3 967; Nov +3 973 (969-80)

  Meal unch 309

  Oil +29 3387

Wheat Sep -6 457; Jly -5 527 (526-37)

   KC -6 460; MGE +5 731

Oats -1 273

Rice +10 1214

 

LC Aug -27 11247; Dec -25 11255; Feb -42 11435

FC Aug -22 14602; Oct -72 14547; Jan -17 14257

LH Aug +12 8352; Oct -37 6775; Dec +5 6255

Milk Aug -2 1623; Sep -13 1650

US$ +.2%

Dow -33 22085

SP -13 6370

NAS -13 6370

Tran -52 9233

  VIX +1.34  11.27  Responding to No. Korea situation.

 

WTI -43 4896

Brent -45 5192

Gas -3 160

NG +1 281

HO -2 162

Eth unch 159

Gold -2 1263

Slvr +14 1639

 

2-yr +.004 1.359%

5-yr +.012 1.824%

10yr +.014 2.271%

30yr +.017 2.854%

 

Lexington Auction (Tues)
Weighted Average Report for 08/08/2017
  Receipts:  1403    Last Week:  542    Year Ago:  849

**Lexington Tuesday sale held at Richmond yards while new yards is under construction**

   Compared to last Tuesday steer and heifer calves sold steady to 2.00 higher with good demand.  Slaughter cows sold 3.00 to 4.00 higher with good demand and slaughter bulls sold steady with good demand.  Market active this week despite bearish CME cattle futures reports.

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