Market Closes - August 9, 2018

Posted on Aug 9, 2018

Corn Sep -2 369; Dec -2 383 (380-86)

Bean Sep -7 893; Nov -6 904 (902-14)

  Meal -3 333

  Oil -4 2855

Wheat Sep -5 564; Jly -5 604 (601-17)

  KC -6 578; MGE -3 630

Oats -2 261

Rice +9 1074

 

LC Aug -157 10825; Dec -155 11297; Feb -70 11650

FC Aug -130 14935; Oct -77 14920; Jan -120 14865

LH Aug +17 5497; Oct +300 limit 5140; Dec +295 4732

Milk Aug +12 1498; Sep +28 1598

 

CBOT futures closed lower and well off the day’s highs as traders prepare for the USDA production and supply-demand reports being released at 11 am CDT tomorrow. The average trade guesses are:

Corn Yield: 176 bu/acre compared to 174.0 trendline.
  Corn End Stocks: 1.636 billion vs 1.552 bil. last month.

Soybean Yield: 49.6 bu/acre.
  Soybean End Stocks: 638 million vs 580 million in July.

Get results here: https://release.nass.usda.gov/reports/crop0818.pdf

Also weighing on the market was a stronger US Dollar. On the chart, the Index is pushing up against chart resistance (the July and YTD high is 95.65). For reference, the highest level for the Index since 2002 was just shy of 104 in January 2017. The low was 70.7 in 2008.

Cattle futures closed moderately lower as the cash market dipped to $110/cwt today. Futures were also pressured by bear spreading with Lean Hog futures which soared today. Choice beef ended up .33 at 206.06 and Select dropped .77 to 198.09.  The CH/SEL spread is 7.97/cwt.

Lean Hog futures opened lower but immediately started to rally. By mid-morning, LH futures had rallied over $3.00 to lock limit UP. LH was supported by a very strong pork cutout and the unwinding of the LC/LH spreads and by bullish technical signals created on the initial rally. FOB Plant Pork was up 2.14 at midday, but closed up .48 to 71.45.

 

US$ +.6%   95.59

Dow -75 25509

SP -4 2854

NAS +3 7892

Tran -34 11141

  VIX +.36 11.21

 

WTI -13 6681

Brent -26 7202

Gas -2 200

NG +1 295

HO unch 211

Eth -2 137

Gold -1 1220

Slvr +3 1546
 

2-yr -.025 2.649%

5-yr -.032 2.806%

10yr -.038 2.928%

  This is down .09 points from the recent high on August 1. The YTD high is 3.128% set in May.  

30yr -.047 3.071%

Lexington Weekly Summary  Aug 9, 2018 
    USDA-KY Dept Ag Market News 
Receipts:  1409   Last Week:  1481   Year Ago:  1953
   Compared to last week feeder steers and heifers mostly steady except 400-500 lbs 3.00 higher. Slaughter cows sold 1.00 to 2.00 lower and slaughter bulls steady with moderate demand.

Kentucky Farm Bureau Minute video  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here