Market Closes - July 25, 2019
Posted on Jul 25, 2019Corn Sep -5 418; Dec -3 427 (426-32)
Bean Aug -8 882; Nov -8 900 (898-913)
Meal -2 304
Oil -3 2827
Wheat Sep +2 499; Jly -1 525 (520-31)
KC -2 437; MGE +1 523
Oats -1 263
Rice +9 1212
LC Aug -25 10865; Dec +5 11435; Feb -12 11797
FC Aug -2 14280; Oct +25 14327; Jan +2 14135
LH Aug -60 8595; Oct -220 7865; Dec -190 7735
Milk Aug -1 1770; Sep -9 1793
USDA released its payment rates for the Market Facilitation Program 2.0. Kentucky’s payment rates range from $24.00 per acre (Elliott, Johnson, Magoffin, Whitley) to $93.00 per acre (McCreary). A county should have a higher rate if it produced relatively more soybeans than other non-specialty crops. Nationally, county rates range from the minimum $15.00 to a maximum of $150.00. Details on MFP and every county payment rate can be found at https://www.farmers.gov/manage/mfp
As it did yesterday, wheat futures outperformed corn and soybeans. Corn and beans lost about one percent and closed near the day’s lows. Weakness persists above chart support so long as the fundamentals aren’t shaken up by hot, dry weather or a China trade deal. The August 12 crop report is anxiously awaited. Wheat closed well off its highs, but was supported by improved export sales reported this morning. Also, hot weather is impacting some of our global competitors.
Cattle futures ended the day very narrowly mixed. Live cattle futures traded to new highs for the move before setting back some. LC performed well given disappointing beef export sales and a stable beef cutout. Choice slid 1.03 to 212.57 and Select slipped .24 to 189.18. Support comes from the up trending chart and optimism for cash cattle prices.
Lean Hog futures closed lower with October and December LH losing around $2.00/cwt. The selloff is mostly technical in nature since fundamentals have been very positive this week. After a $14.00 rally, the October LH was overbought (rose too much, too fast). Disappointing weekly pork export sales also weighed on LH futures. FOB Plant Pork jumped 2.45 to 83.88 with bellies up 7%, picnics up 4% and hams up 2%. The morning quote was up only 1.45.
US$ +.1%
Dow -129 27141
SP -16 3004
NAS -83 8239
Tran -82 10694
VIX +.67 12.74
WTI+14 5602
Brent +21 6339
Gas +3 188
NG +2 224
HO +1 191
Eth -1 147
Gold -9 1415
Slvr -21 1641
2-yr +.042 1.868%
5-yr +.035 1.860%
10yr +.034 2.084%
30yr +.032 2.610%
“Across Kentucky” podcast - Click Here
KENTUCKY CASH GRAIN PRICES – Click Here
KENTUCKY LIVESTOCK AUCTIONS -- Click Here
Comments