Market Closes - February 8, 2018
Posted on Feb 8, 2018CBOT futures closed mixed with wheat and soybean futures trading roles from yesterday. Corn, wheat and soybeans traded wide ranges in both directions following the 11 am CT release of the WASDE report which updated supply-demand tables for the US and the World. In the end, futures settled mid-range. Wheat did trade to new 2-month highs before moving to the negative side.
The report had mixed results. For U.S. 2017/18 ending stocks, USDA cut ending stocks from 2.477 billion last month to 2.352 today; this is considered friendly as the avg trade guess was 2.468 billion. In contrast, USDA put 17/18 ending stocks at 530 million bushels, up 60 million from January’s report, and much higher than the average trade guess of 486 million. World stocks estimates were less impactful.
Cattle futures closed mostly lower with minimal losses. Cattle rallied strongly mid-morning but turned south when the US equity markets accelerated to the downside. By day’s end the stock market indexes were down four percent. Today’s closes put the markets back to levels first touched in November 2017.
The boxed beef market erased some of Wednesday’s gains with Choice down 0.84 at 208.53; Select end up 0.65 at 203.79. YTD Beef Export Sales are about 22 pct ahead of a year earlier.
Lean Hog futures closed narrowly mixed. The nearby February LH contract ended lower on pressure from weaker cash hog prices and pork values. FOB Plant Pork dropped .42 to 76.92. Today’s weekly pork export sales report was disappointing. YTD Pork Export Sales are 1.4 pct below the year-ago pace.
Corn Mar unch 366 (364-68); Jly +1 381; Dec unch 395
Bean Mar +5 988 (978-96); Jly +4 1008; Nov +4 1004
Meal Mar +6 342
Oil -35 3221
Wheat Mar -4 456; Jly -4 482 (478-90)
KC -6 474; MGE +1 613
Oats -4 269
Rice -5 1244
LC Feb +17 12577; Apr -25 12372; Aug -27 11300
FC Mar -105 14725; Apr -70 14865; Aug -62 15170
LH Feb -45 7340; Apr +22 6945; Jun +2 7962
Milk Feb -13 1347; Mar -10 1351
US$ steady
Dow -1033
SP -101
NAS -275 6777
Tran -401
VIX +5.73 33.46 +21%
WTI -137 6042
Brent -128 6423
Gas -2 175
NG -1 269
HO -3 191
Eth +1 141
Gold +5 1317
Slvr +10 1634
2-yr -.020 2.114%
5-yr -.015 2.548%
10yr +.003 2.835%
30yr +.019 3.135%
Lexington, KY - Blue Grass Stockyards
Cattle Weekly Summary Report for the week ending 2/06/18
Receipts: 1067 Last Week: 1771 Year Ago: 943
Compared to last week steer calves sold 2.00 to 4.00 lower with moderate to good demand. Heifers sold steady to 2.00 lower with good demand. Yearling steers sold steady with some small packages 2.00 lower. Quality was average through good. Slaughter cows and slaughter bulls sold 1.00 lower with moderate demand.
Kentucky Farm Bureau Minute video - Click Here
KENTUCKY CASH GRAIN PRICES – Click Here
KENTUCKY LIVESTOCK AUCTIONS -- Click Here
Comments