Market Closes - July 24, 2017

Posted on Jul 24, 2017

CBOT futures closed lower but close to the day’s highs. Futures were pressured by less threatening weather forecasts – mainly cooler temperatures.  The 6-14 day outlook from NWS shows below-normal temps but also below-normal rainfall. http://www.cpc.ncep.noaa.gov/products/predictions/610day/

Corn and soybean contracts gapped lower Sunday night and began to recover after markets reopened at 830 am.

Week ending July 23

U.S. Corn Conditions
.      Good/Excellent  Poor/V.Poor
This Week      62%         12%
Last Week      64%         11%
Last year      76%          5%

U.S. Soybean Conditions
.      Good/Excellent  Poor/V.Poor
This Week      57%         14%
Last Week      61%         11%
Last year      71%          7%
  ** 29% setting pods vs 27% average

 

U.S. Pasture and Range
46% good/excellent vs 53% year ago.
22% poor/v.poor vs 15% year ago.

 

Southern rust in Kentucky: information for producers
By Katie Pratt   - University of KY
http://news.ca.uky.edu/article/southern-rust-kentucky-information-producers

 

Cattle futures closed sharply lower in response to Friday’s bearish monthly Cattle on Feed Report. The added June placements tipped the scale on cash market concerns that have been hanging over the cattle market. Choice Beef gained .55 to 207.46 and Select jumped 3.09 to 197.89.

Friday’s Cattle Inventory report confirmed continued expansion of the U.S. beef herd. USDA did not conduct a mid-year July 1 inventory survey last year due to budget limitations.

 

July 1 Cattle Inventory Up 4 Percent from 2015

   All cattle and calves in the United States, as of July 1, 2017, totaled 103 million head. This is 4 percent above the 98.2 million head on July 1, 2015.  All cows and heifers that have calved, at 41.9 million head, are 5 percent above the 39.8 million head on July 1, 2015. Beef cows, at 32.5 million head, are up 7 percent from two years ago. Milk cows, at 9.40 million head, are up 1 percent from 2015. The 2017 calf crop in the United States is expected to be 36.3 million head, up 3 percent from last year's calf crop and up 6 percent from 2015.
 

Lean Hog futures closed lower in sympathy with the huge losses in cattle futures. The sell-off in LH futures began last Thursday. FOB Plant Pork dropped .57 to 102.21 on weakness in loins and ribs.
 

Corn Sep -2 377; Dec -3 391 (385-91)

Bean Aug -11 997; Nov -12 1010 (998-1013)

  Meal -4 326

  Oil -19 3361

Wheat Sep -10 489; Dec -9 513; Jly -5 552 (546-55)

   KC -8 487;  MGE -15 750

Oats -7 289

Rice +15 1214

 

LC Aug -255 11387; Dec -300 limit 11517; Feb -247 11690

FC Aug -450 limit 14845; Oct -435 14760; Jan -400 14305

LH Aug -72 8037; Dec -80 6117; Feb -62 6632

Milk Jly unch 1550; Aug -1 1609

 


US$ +.1%

Dow -67 21513

SP -3 2470

NAS +23 6411

Tran -43 9428

  VIX +.05 9.41

 

WTI +67 4644

Brent +62 4868

Gas unch 156

NG -7 290

HO unch 152

Eth unch 152

Gold unch 1255

Slvr +5 1646

 

2-yr +.021 1.365%

5-yr +.023 1.823%

10yr +.025 2.257%

30yr +.032 2.835%

 

Kentucky Weekly Livestock Summary for the week of Jul 17-Jul 22, 2017
Receipts  
This Week     Last Week    Last Year
12,811        20,745       11,361
   Compared with last week, steer calves sold mostly steady to 2.00 higher with moderate to good demand.  Heifer calves were steady to 3.00 higher with moderate to good demand.  Quality was average through attractive.  Yearling steers sold firm with good demand. Slaughter cows sold 1.00 to 2.00 lower with moderate demand.  Slaughter bulls sold steady to 2.00 lower with moderate demand.

Kentucky Farm Bureau Minute video  - Click Here

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