Market Closes - July 21, 2015

Posted on Jul 21, 2015
The CBOT closed mixed. This week’s crop ratings were unchanged from last week and weather is mostly favorable this week. Corn finished near unchanged. Wheat had large losses due to fund selling amid uncompetitive U.S. wheat prices. Thanks to tight old-crop supplies and some export sales, soybean futures managed to close higher. Soybean futures had closed lower for 5 straight days. The $10.00 psychological level may be at play too. A weaker US Dollar was supportive today.

Cattle futures closed strongly lower as the bearish momentum continues. Live Cattle hit new lows for this move. The August LC contract is probably headed at least to the April low of $144. Feeder Cattle fell sharply and wiped out over half of last week’s gains made with help from falling CBOT futures. Choice beef ended up 0.53 at 233.83; Select up 0.83 at 230.22

Lean Hog futures closed lower except for the nearby August LH contract which is supported by higher pork cutouts. The bearish Cattle market probably weighed on Lean Hogs. FOB Plant Pork soared 2.46 to 85.43/cwt on a 5% jump in values of loins and hams.

Corn Sep +1 406; Dec +1 417 (413-21) Bean Aug +11 1019; Nov +5 1005 (1000-09) Meal Aug +4 360; Oct +2 346 Oil +25 3193 Wheat Sep -8 525; Dec -9 533; Jly16 -9 548 KC -7 518; MGE -2 556 Oats -1 240 Rice +11 1100

LC Aug -160 14515; Dec -137 14977; Feb -127 15020 FC Aug -325 21307; Oct -312 20992; Jan -297 20185 LH Aug +97 7587; Oct -55 6240; Dec -75 5975 Milk Aug +46 1630; Sep +35 1625

 

US$ -.7% Dow -181 17919 SP -9 2119 NAS -11 5208 Tran +61 8323 VIX -.03 12.22

WTI +30 5074 Brent +33 5698 Gas -2 191 NG +6 288 HO +2 168 Eth +2 153 Gold -7 1100 Slvr +4 1479

2-yr -.016 0.690% 5-yr -.039 1.665% 10yr -.036 2.338% 30yr -.033 3.073%

June Milk Production up 0.7 Percent Milk production in the 23 major States during June totaled 16.4 billion pounds, up 0.7 percent from June 2014. May revised production at 17.2 billion pounds, was up 1.5 percent from May 2014. The May revision represented an increase of 12 million pounds or 0.1 percent from last month's preliminary production estimate. Production per cow in the 23 major States averaged 1,895 pounds for June, no change from the record high of June 2014. The 23 State series began in 2003. Lexington Auction (Tues) Weighted Average Report for 07/21/2015 Receipts: 1061 Last Week: 307 Year Ago: 804 Compared to yesterday steer calves under 600 lbs sold steady to weak with moderate demand in a light test; over 600 lbs sold steady. Heifer calves under 600 lbs sold steady to weak in a light test; over 600 lbs sold steady. Yearling steers sold steady with good demand. Slaughter cows sold 3.00 lower with light demand and slaughter bulls sold 1.00 to 2.00 lower with moderate demand.

05 replacement cattle, 53 slaughter cattle, and 1003 feeder cattle. Today's supply included 87.8 percent that weighed over 600 lbs. 64.5 percent steers and 3.8 percent bull calves .6 percent Holstein Steers and 27.0 percent heifers of total recorded feeder supply. 41 head of slaughter cows with 98 percent going to slaughter. 12 head of slaughter bulls with 100 percent going to slaughter.

Tagged Post Topics Include: Economics, Market updates