Market Closes - July 26, 2017

Posted on Jul 26, 2017

UK Corn, Soybean and Tobacco Field Day
7:30 a.m. CDT at UKRECC in Princeton
July 27, 2017

 

CBOT futures closed moderately higher and near the day’s highs.  Futures were near the day’s lows at the morning break in trading, but started a day-long rally when it reopened at 830 am. Without any significant fundamental change, traders erased about half of Tuesday’s losses. The spec funds remain long corn and soybean futures. MGEX spring wheat futures rallied strongly as a crop tour confirms the poor yields in the Dakotas.

Cattle futures closed mostly higher after trading both sides of unchanged. Support came late in the session to erase the losses. Choice up 0.16 at 207.62; Select up 1.04 at 198.93. Online Fed Cattle Exchange traded cattle $117.50-118, just slightly weaker than last week.

Lean Hog futures closed higher for the second day in a row. Support stemmed from higher pork values and futures’ discount to cash hogs. At the end of the day, FOB Plant Pork dropped 1.82 to 100.58 on sharp losses in the values of loins, butts, picnics and ribs. Belly value is still high at 215.11.  In contrast, the midday quote was UP .42.

The Federal Reserve left its interest rates unchanged at the conclusion of this month’s FOMC meeting. They are planning to begin unwinding its balance sheet created in it stimulus program.
 

Corn Sep +4 373; Dec +4 386 (379-86)

Bean Aug +7 989; Nov +7 1000 (984-1002)

  Meal +1 320

  Oil +23 3373

Wheat Sep +4 478; Jly +2 543 (540-46)

  KC +3 475; MGE +12 730

Oats +6 288

Rice -2 1227

 

LC Aug +112 11430; Dec +35 11397; Feb +12 11562

FC Aug -5 14647; Oct +10 14652; Jan +37 14232

LH Aug +55 8200; Dec +37 6192; Feb +27 6672

Milk Jly -3 1548; Aug +4 1635

 

US$ -.6%   Lowest since June 2016.

Dow +98 21711  Record high close.

SP +1 2478

NAS +11 6423

Tran -5 9484

  VIX +.17 9.60

 

WTI +86 4875

Brent +75 5095

Gas +2 162

NG -2 292

HO +3 160

Eth +1 152

Gold -3 1249

Slvr -8 1641

 

2-yr -.040 1.359%

5-yr -.053 1.832%

10yr -.035 2.291%

30yr -.015 2.895%

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