Market Closes - July 21, 2016
Posted on Jul 21, 2016CBOT futures closed mostly higher but corn futures made new life-of-contract low closes. Pressure came from expectations that weather will be more favorable after the extreme heat this week. Soybean futures got more support than corn because of Chinese demand, good export sales, and the critical pod-fill period has more weather uncertainty. Wheat futures were supported by a jump in EU wheat prices on French yield concerns. The speculative funds are huge shorts in US wheat futures and huge longs in soybeans.
Today’s 6-10 day and 8-14 day outlooks push the heat out of the western Corn Belt and increase rain probabilities in the middle of the time frame.
Cattle and hog futures closed sharply lower on weaker product values and traders’ concern for consumer demand, especially during the extreme heat. Many contracts hit new contract lows. Choice beef ended down 0.61 at 200.70; Select down 1.19 at 189.82. FOB Plant Pork dropped .65 to 88.91.
Corn Sep -3 334; Dec -3 341 (339-48)
Bean Aug +5 1032; Nov +3 1012 (1004-25)
Meal unch 352
Oil +35 3106
Wheat Sep +5 418; Dec +5 441 (433-43)
KC +1 407; MGE +1 486
Oats +2 208
Rice -20 1061
LC Aug -190 10752; Dec -252 10727; Feb -265 10742
FC Aug -422 13440; Oct -372 13270; Jan -267 12772
LH Aug -175 7445; Oct -160 6227; Dec -207 5645
Milk Jly -6 1527; Aug -4 1646
US$ -.2%
Dow -78 18517
SP -8 2165
NAS -16 5074
Tran -104 7859
VIX +.97 12.74
WTI -121 4454
Brent -111 4606
Gas -1 135
U.S. gasoline stocks are record-high.
NG +3 269
HO -3 137
Eth -1 145
Gold +12 1331
Slvr +22 1983
2-yr -.032 0.682%
5-yr -.046 1.092%
10yr -.024 1.556%
30yr -.007 2.289%
Check out maps and charts showing where drought is impacting corn, soybean and hay crops. Click Here
Lexington, KY - Blue Grass Stockyards
Cattle Weekly Summary Report for the week ending 07/19/16
Receipts: 972 Last Week: 1476 Year Ago: 1800
Compared to last week steer calves under 600 lbs sold 2.00 to 5.00 lower with light demand; over 600 lbs sold steady with moderate demand. Heifer calves under 500 lbs sold 5.00 lower with light demand over 500 lbs sold steady with moderate demand. Yearlings sold steady with moderate demand. Slaughter cows sold 1.00 lower with moderate demand. Slaughter bulls sold steady with good demand. High temperatures locally and in western states slowed cattle movement this week.
Kentucky Farm Bureau Minute video - Click Here
KENTUCKY CASH GRAIN PRICES – Click Here
KENTUCKY LIVESTOCK AUCTIONS -- Click Here
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