Market Closes - July 20, 2016

Posted on Jul 20, 2016

CBOT futures closed lower after trading steady or higher overnight into early this morning. Corn and wheat began selling off after 930 am CT. Traders seemed to have discounted the impact of the next few days of very hot temperatures given forecasts of less heat and more rain next week. 
 

Today’s corn and wheat closes are new life of contract low closes. Soybean futures had sharper losses than corn and wheat, but are over $1.20 above the contract lows.  Technically speaking, August and November Soybeans have fallen to the 50% retracement level (of the Mar-June rally).

Soybean Yield Expectations when Planting in July (and possibly August) in Kentucky  - UK Grain Crops Update     (CLICK Here)


Kentucky Pest News July 19  - click here
   - many important updates included


Cattle futures closed strongly lower, adding to Friday’s losses.  Futures traded higher through the morning until midday reports showed weakness in the cash markets. Fed cattle reportedly traded at $115/cwt today, or about $2/cwt below last week. Choice Beef closed down .97 to 201.31 and Select fell 1.35 to 191.01.  Technically, the August LC contract is about a dollar above the contract low of $108.17 set on July 12. Last week’s highs could not break above the downtrend line drawn across the June highs; so now the downtrend is even stronger resistance. 


Lean Hog futures closed mixed with the nearby August LH contract down sharply on weak cash hog prices and pork cutouts. FOB Plant Pork fell 1.58 to 89.56 with a sharp loss in ham’s value. The strengthening US Dollar (up 5% since May 2) is negative as it weighs on U.S. exports of pork, beef and other commodities.


Today’s Daily Livestock Report points out that chick placements have been below year-ago levels in 6 of the past 10 weeks.  DLR also observes a move to lighter average slaughter weights; the week ending July 9 fell below 6 pounds for the first time this year. Less production might help reduce “burdensome cold storage inventories”.

Prolonged Summer Heat Wave Could Stress Livestock  UK AgNews


Corn Sep -4 337; Dec -4 344 (341-53)

Bean Aug -17 1027; Nov -19 1009 (1004-38)

  Meal -7 352

  Oil +5 3071

Wheat Sep -5 413 (406-24); Dec -6 436

    KC -4 407; MGE -3 485

Oats +1 206

Rice +2 1081

 

LC Aug -97 10942; Dec -97 10980; Feb -90 11007

FC Aug -127 13862; Oct -130 13642; Jan -85 13040

LH Aug -115 7620; Oct -42 6387; Dec +12 5852

Milk Jly -7 1527; Aug -9 1649

 

US$ steady

  The US$ hasn’t been this high since March.

Dow +36 18595

SP +9 2173

NAS +54 5090

Tran +1 7962

  VIX -.20 11.77

 

WTI +20 4485

Brent +44 4710

Gas -1 136

NG -7 265

HO +2 141

Eth -6 146

Gold -16 1316

Slvr -54 1947

 

2-yr +.020 0.714%

5-yr +.021 1.135%

10yr +.022 1.580%

30yr +.023 2.297%

Kentucky Farm Bureau Minute video  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here