Market Closes - July 16, 2018
Posted on Jul 16, 2018Corn Sep unch 342; Dec unch 355 (352-59)
Bean Sep +11 835; Nov +11 846 (826-54)
Meal +3 329
Oil -33 2764
Wheat Sep -8 488; Dec -8 504; Jly -7 535
KC -7 484; MGE -3 528
Oats -5 231
Rice +6 1204
LC Aug +237 10692; Oct +127 10865; Feb +85 11660
FC Aug +165 15237; Oct +127 155262; Jan +92 15045
LH Aug -95 6920; Oct -130 5400; Dec -122 4917
Milk Jly -1 1426; Aug +32 1516
CBOT futures ended the day from several cents lower in wheat to several cents higher in soybeans, with corn closing flat. Futures were pressured overnight but short-covering in soybeans helped corn test the upper end of its range. The speculative funds have been aggressive sellers – taking their positions to record large positions for July (according to market reports). With the 6-14 NWS temperature outlook at normal to below-normal levels, traders will not be worried about yields (see crop ratings below which remain far ahead of year-ago levels). Wheat closed near the bottom of its range, but this followed two straight days of strong gains. Traders continue to look for the seasonal low in wheat.
Week ending July 15
U.S. Corn Conditions
. Good/Excellent Poor/V.Poor
This Week 72% 9%
Last Week 75% 7%
Last year 64% 11%
U.S. Soybean Conditions
. Good/Excellent Poor/V.Poor
This Week 69% 8%
Last Week 71% 7%
Last year 61% 11%
** 26% setting pods vs 11% average
U.S. Pasture and Range
47% good/excellent vs 52% year ago.
24% poor/v.poor vs 19% year ago.
Cattle futures opened higher and closed even higher in the upper part of the trading range. The gains were led by the nearby August LC contract as traders worked to narrow the August LC’s discount to Friday’s cash trade around $110.50. Today’s price strength was very positive but futures remain below the early July highs. Choice beef ended down .38 at 203.76 (the lowest level since December) and Select fell .70 to 195.67.
Lean Hog futures closed sharply lower as traders remain concerned about rising production and lower exports due to the new tariffs. On the positive side, LH futures remain above the contract lows recently set. Generally, traders expect the cash market to come down to the futures level. FOB Plant Pork dropped .45 to 83.37.
US$ -.2%
Dow +45 25064
SP -3 2798
NAS -20 7806
Tran -111 10435
VIX +.65 12.83
WTI -295 6806
Brent -340 7193
Gas -10 200
NG +1 276
HO -8 205
Eth unch 140
Gold -1 1240
Slvr unch 1581
2-yr +.017 2.599%
5-yr +.022 2.750%
10yr +.025 2.856%
30yr +.027 2.960%
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