Market Closes - July 23, 2015

Posted on Jul 23, 2015

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CBOT futures closed mixed but momentum and technical price action are bearish given the generally favorable weather forecast. Wheat futures closed higher, taking a pause from the downtrend which has persisted since July 1.

Cattle futures fell sharply once again, breaking chart support at the April lows. Feeder futures hit a new low for this move and are within easy reach of the April lows. Momentum is bearish and there’s nothing to turn the tide for now. Frozen meat and poultry supplies are near the 5-year highs and 17% above a year earlier. Rising slaughter weights is negative. USDA will publish Cattle on Feed on Friday afternoon. Choice beef ended down 0.33 at 232.59; Select down 0.39 at 227.96

Lean Hog futures closed lower on the 5-year high supplies of beef, pork and poultry which also weighed on the cattle market. FOB Plant Pork gained .76 to 84.75 on higher values for ham and bellies. Corn Sep unch 403; Dec unch 414 (408-15) Bean Aug -11 1010; Nov -15 980 (977-1002) Meal Aug -4 359; Oct -6 339 Oil -16 3119 Wheat Sep +5 521; Dec +4 529; Jly +2 540 KC +5 517; MGE +5 553 Oats unch 236 Rice -1 1111

LC Aug -115 14335; Oct -180 14465; Feb -135 14800 FC Aug -260 20977; Oct -310 20572; Jan -310 19772 LH Aug -25 7827; Oct -70 6470; Dec -62 6175 Milk Aug +24 1663; Sep +11 1654

US$ -.3% DOW -119 17732 SP -12 2102 NAS -25 5146 Tran -171 8127 VIX +.52 12.64

WTI -34 4885 Brent -63 5550 Gas -1 185 NG -9 281 HO -1 166 Eth -1 152 Gold -2 1090 Slvr -8 1465

2-yr -.008 0.698% 5-yr -.033 1.635% 10yr -.051 2.271% 30yr -.065 2.972%

Lexington, KY - Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 07/22/15

Receipts: 1800 Last Week: 815 Year Ago: 2097 **Total receipts include 155 head in special cow sale Wed. night.

Compared to last week middleweight steers 400-600 lbs sold 3.00 to 7.00 lower some fleshy offerings 10.00 or more lower with light demand. Heifer calves sold steady to 3.00 lower with moderate demand. Buyers discriminating against fleshy new crop un-weaned calves; however weaned calves in moderate to good demand. Average quality offering this week. Yearlings sold steady with good demand; however weaker undertone noted by mid-week. Slaughter cows sold steady to 2.00 lower and slaughter bulls sold steady to 1.00 lower with moderate demand.

 

Tagged Post Topics Include: Economics, Market updates