Market Closes - July 26, 2018Posted on Jul 26, 2018
Corn Sep +2 361; Dec +2 376 (374-80)
Bean Sep unch 866; Nov unch 876 (873-96)
Meal +3 332
Oil -24 2827
Wheat Sep -6 536; Jly -8 576 (574-90)
KC -7 534; MGE unch 588
Oats unch 232
Rice -4 1200
LC Aug -107 10795; Dec -115 11365; Feb -105 11732
FC Aug -140 15142; Oct -157 15287; Jan -140 15127
LH Aug -150 6490; Oct -167 5225; Dec -147 4745
Milk Aug -7 1485; Sep -13 1555
CBOT futures closed mixed with fairly wide trading ranges today. Following the US/EU trade announcement Wednesday afternoon, corn and soybeans gapped higher when markets opened in the evening – soybean led the market up. However, when futures reopened at 830 am CT, the buying enthusiasm waned, leading to a sell-off that ended near the day’s lows. Again, soybeans gave up the most, while corn futures managed to stay a quarter-cent above yesterday’s highs. Corn continues to outperform soybeans due to its tighter supply-demand situation and the huge short position held by the spec funds.
Cattle futures closed much lower after trading up in the first hour of trading. This resulted in bearish outside-down days on the charts. This morning’s beef export sales report for last week was very disappointing and weighed on prices. On the positive side, boxed beef prices firmed. Choice edged up .27 to 204.91 and Select gained .69 to 198.27. With today’s futures weakness, traders expect the cash market will come in lower than last week.
Lean hog futures closed sharply lower after testing the higher side. Futures were pressured by a collapse in the pork cutout. FOB Plant Pork closed down a sharp 3.02 to 75.65 with big losses in picnic, ham, belly and loin values. Traders are concerned for the huge jump in pork supply coming in the third quarter. In contrast to beef, today’s pork export sales report was strong – above the 4-week average. The August LH contract fell to a new contract low, some $20/cwt below the high set in January 2018.
US$ +.4% erased yesterday’s weakness.
Dow +113 25527
SP -9 2837
NAS -80 7852
Tran +92 10985
VIX -.15 12.14
WTI +31 6961
Brent +57 7450
Gas +4 216
NG unch 278
HO +3 218
Eth +2 144
Gold -6 1230
Slvr -9 1550
2-yr +.033 2.690%
5-yr +.045 2.865%
10yr +.046 2.982%
30yr +.041 3.104%
Lexington, KY - Blue Grass Stockyards
Cattle Weekly Summary Report for the week ending 7/24/18
Receipts: 2025 Last Week: 1650 Year Ago: 1059
**Total receipts include 547 head sold in cow sale Wed. night.
***Cow sale results included at the bottom of this report.
Compared to last week all feeder classes sold mostly steady with good demand on comparable quality; best demand for weaned packages and yearlings. Slaughter cows and slaughter bulls sold steady to 2.00 lower with moderate demand. Localized heavy rain and thunderstorms over the weekend created soggy fields, downed trees and power outages which restricted cattle movement early-week.
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