Market Closes - July 23, 2018

Posted on Jul 23, 2018

Corn Sep +2 357; Dec +2 371 (368-72)

Bean Sep -2 853; Nov -2 863 (862-70)

  Meal +1 327

  Oil -22 2807

Wheat Sep -2 514; Dec -1 532; Jly +1 561

  KC +2 511; MGE +7 562

Oats -2 231

Rice +6 1199

 

LC Aug -20 10872; Dec +70 11490; Feb +65 11870

FC Aug -42 15325; Oct +37 15515; Jan +127 15307

LH Aug -2 6642; Oct +135 5262; Dec +135 4727

Milk Aug +4 1465; Sep -2 1540

CBOT futures closed mixed with mostly small price changes. Most contracts opened higher Sunday evening, but soybeans closed lower and near the day’s lows. Soybean oil weighed on soybean futures today but soybean meal is barely staying above key chart support at the July lows. The short-term weather outlook is non-threatening to corn/beans but some expect a warmer August. However, the US crop condition ratings are much better than year-ago levels. Tonight’s ratings are also 1-2 points better than the average trade guess. Corn futures have closed higher for six straight trading days. Chicago and KC wheat futures have short-term uptrends established; however, a 5-cent selloff in the final 15 minutes of trading kept the charts from looking even more positive. Last week’s wheat export shipments were disappointing.

Week ending July 22
U.S. Corn Conditions
.      Good/Excellent  Poor/V.Poor
This Week      72%          9%
Last Week      72%          9%
Last year      62%         12%

  ** 18% in Dough stage vs 8% average


U.S. Soybean Conditions
.      Good/Excellent  Poor/V.Poor
This Week      70%          8%
Last Week      69%          8%
Last year      57%         14%

  ** 44% setting pods vs 23% average

U.S. Pasture and Range
45% good/excellent vs 46% year ago.
26% poor/v.poor vs 22% year ago.

Cattle futures closed higher except for the nearby contracts. Trading ranges were narrow which mostly resulted in sideways trade.  Last Friday’s Cattle on Feed report and Cattle Inventory report were neutral to slightly negative, but with cash prices bumping up a couple dollars/cwt, traders were willing buyers. A stronger boxed beef market also lent support. Choice beef gained .65 to 204.82 and Select jumped 1.03 to 198.03.  The October FC contract is bumping up against the contract high resistance.

 

Lean Hog futures closed higher on short-covering after LH hit new contract lows on Friday. FOB Plant Pork dropped .79 to 80.07; six days ago, this cutout was 84.20. This change is attributed to lower values of loins, hams and bellies.

 

US$ +.2%

Dow -14 25044

SP +5 2807

NAS +22 7842

Tran +72 10813

  VIX -.24 12.62

 

WTI -37 6789

Brent -8 7299

Gas +2 209

NG -4 272

HO +1 212

Eth unch 143

Gold -6 1230

Slvr -12 1542

 

2-yr +.034 2.633%

5-yr +.053 2.819%

10yr +.065 2.958%

30yr +.063 3.093%

  Bond yields rose sharply on rumors Japan may change monetary policy. The 10-yr yield hasn’t been this high since June 14.  3.01% was the highest yield in June.

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