Market Closes - July 25, 2019

Posted on Jul 25, 2019

Corn 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%

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