Market Closes - August 9, 2021
Posted on Aug 9, 2021Corn Sep -5 550; Dec -3 554 (549-58); Dec22 +2 519
Bean Sep -3 1341; Nov -7 1330 (1326-47); Nov22 -5 1253
Meal Sep +1 357; Dec +2 359
Oil Sep -109; Dec -133 5994
Wheat Sep -8 711 (708-24); Dec -8 725; Jly -4 718
KC Sep -4 701; MGE -7 909
Oats +1 469
Rice +7 1339
LC Aug unch 12300; Oct -40 12747; Dec -42 13290
FC Aug -55 15930; Oct -7 16570; Jan -25 16645
LH Aug +15 10890; Oct -300 limit 8460; Dec -297 7877
Milk Aug +7 1608; Sep +9 1658
CBOT futures closed mixed and mid to low range. Corn and soybeans were pressured by weekend rainfall, a stronger US Dollar, sharply lower crude oil futures and disappointing weekly export inspections. Traders anxiously await Thursday’s USDA Crop Production report.
U.S Crop Progress
Corn rated good/excellent is 64% vs 62% week ago and 71% year ago. Acreage rated v.poor/poor is 11% vs 11% week ago and 8% year ago.
Dough Stage is at 56% vs 51% for 5-yr avg.
Corn Dented is at 8% vs 11% for 5-yr avg.
Soybean acreage rated good/excellent is 60% vs 60% week ago and 74% year ago.
Acreage rated v.poor/poor is 13% vs 12% week ago and 5% year ago.
Soybeans setting pods are 72% vs 68% 5-year avg.
Winter Wheat:
Harvested acreage is 95% vs 91% week ago and 91% for 5-yr avg.
Pasture and Range Condition:
30% good/excellent vs 34% year ago
43% poor/v.poor vs 31% year ago
Cattle futures closed lower but by minimal amounts. The best prices came at the opening but the gains didn’t hold. Cattle couldn’t find support despite stronger beef markets and last week’s cash fed market gains of around $2/cwt. Sharp losses in hog futures and some outside markets may have weighed. Boxed beef rose strongly again today with Choice up 3.54 at 299.80 and Select up 3.72 at 280.81. Movement was light at 104 loads. No trend was established in the cash fed markets.
Lean hog futures closed sharply lower with the October LH down the daily $3/cwt limit. This puts the October LH at a huge discount to the current cash hog index. Normally, the cash hog market would not fall that much from August to October. FOB Plant Pork ended at 124.24, up .57, compared to a big 129.38 in the morning. Huge value gains for ham and belly had shrunk by the afternoon. Pork movement was heavy at 352 loads.
US$ +.2% 92.98
Dow -107 35102
SP -4 4432
NAS +24 14860
Tran -169 14334
VIX +.57 16.72
WTI -149 6661
Brent -145 6925
Gas -1 224
NG -10 404
HO -4 205
Eth unch 222
Gold -31 1728
Slvr -88 2344
2-yr +.012 0.220%
5-yr +.034 0.798%
10yr +.036 1.324%
30yr +.034 1.967%
“Across Kentucky” podcast - Click Here
KENTUCKY CASH GRAIN PRICES – Click Here
KENTUCKY LIVESTOCK AUCTIONS -- Click Here
Comments