Market Closes - February 8, 2018

Posted on Feb 8, 2018

CBOT 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