Market Closes - July 25, 2018

Posted on Jul 25, 2018

Corn Sep +7 359; Dec +7 373 (366-74)

Bean Sep +2 866; Nov +2 876 (867-78)

  Meal +1 329

  Oil +17 2851

Wheat Sep +32 543; Dec +32 562; Jly +25 584

   KC +31 541; MGE +32 587

Oats +2 232

Rice -1 1204

 

LC Aug +97 10902; Dec +17 11480; Feb unch 11837

FC Aug +7 15282; Oct -10 15445; Jan +2 15267

LH Aug +85 6640; Oct +140 5392; Dec +140 4892

Milk Aug unch 1492; Sep +5 1568

 

CBOT futures closed higher with wheat and corn leading the way up. Wheat soared today and is now 70 cents above the July lows and are near the mid-June highs. Wheat rallied on heavy speculative buying after news broke that the Spring/Durum wheat crop tour is finding disappointing yields (watch for results from the next 2 days). On top of this, there’s more belief that several world competitors are suffering yield losses due to weather. Traders are becoming more optimistic the U.S. will get more export business. Corn closed strongly higher on spillover support from the wheat rally and ideas that the western Corn Belt has seen top yield potential trimmed due to weather. The spec funds have a near-record short position in Corn; this is fuel for a strong rally if fundamentals turn bullish. A weaker US Dollar was also supportive.

After the CBOT/CME closed, President Trump announced an agreement with the EU to work on trade issues and for the EU to purchase more U.S. soybeans.  The two countries will work on removing tariffs and non-tariff trade barriers, as well as shipping more US natural gas to Europe.

Cattle futures closed mixed with LC outperforming FC. This market generally moved sideways as it waits for more direction from the cash fed market. Cash trading may not be established until Friday; last week’s average was about $112.50/cwt.  Choice beef dropped .01 to 204.64 and Select lost .37 to 197.58. 

Lean Hog futures closed strongly higher on short-covering as LH futures are significantly discounted to the cash market. FOB Plant Pork ended up .25 at 78.67.

US$ -.4%

Dow +172 25414

SP +26 2846

NAS +91 7932

Tran +245 10893

  VIX -.12 12.29

 

WTI +78 6930

Brent +88 7432

Gas +3 212

NG +4 277

HO +2 215

Eth unch 142

Gold +6 1236

Slvr +7 1559

 

2-yr +.021 2.673%

5-yr +.030 2.849%

10yr +.023 2.973%

30yr +.023 3.100%

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